Tagged : down payments

Found 12 blog entries tagged as "down payments".

If you've ever dreamed of purchasing investment property, owning a vacation home or buying a home in Santa Cruz for a family member, this could be the year to check that off your bucket list.  With record low interest rates and decreased prices, it is a buyer’s market, particularly in the second-home market. 

Before you sign on the dotted line of another mortgage, be it for a beach condo in Florida or a home in Santa Cruz that you plan to rent, be sure to:

• Check your credit. The same rules apply for a getting a mortgage on a second home as on a first.  Good credit means better loan terms.

• Save for a down payment. The more money you can put down, the lower your mortgage.  If you put 20% down, you can save money by avoiding Private Mortgage

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You know that you can lend money to your child to help him or her buy Santa Cruz real estate.  But you’d like to explore some other financial arrangements to determine which option is the most advantageous for you and your child.

Here are four additional ways to help your child buy Santa Cruz real estate:

1. Give the down payment as a gift.

Before deciding whether to make the money a gift or a loan, consider what moral message you may be sending.  You don’t want your child to develop a sense of entitlement and take for granted that he or she can come to you any time money is needed.

If you decide you do want to give part or all of the down payment as a gift, consult with your financial adviser to determine the amount you can give away without

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