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Raising the money for a deposit

Here are some ideas that you could use to raise the deposit for your new home.

  • Ask your parents, other relatives or friends for help. If they can't give or loan any money, perhaps they'll agree to co-sign the loan.
  • Sell (or borrow against) other real estate you own.
  • Sell securities you own, or borrow against them through a loan from the stock brokerage.
  • Sell collectibles or heirlooms you own.
  • Cash in on any insurance you have.
  • Get a second job. It'll help you raise cash, and the extra income will improve your chances of qualifying for a loan. You can quit later.
  • Look for an investment partner who'll put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits.
  • Pawn something you own and use the proceeds for a deposit. You can get the item back after you've moved in and can afford to pay the pawnbroker back.
  • Refinance your car or other vehicles.

 




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