Worried that housing prices are too high? Worried that if the market drops you’ll lose any $ you put into your down payment? You may want to take a look at Down Payment Protection.
Down Payment Protection:
When speaking with new buyers I often hear that they are concerned that they might be buying in a high priced market. What if the prices fall like they did before? Well, there is a new product that protects buyers from this. It’s called Down Payment Protection. We have a few lenders that are offering this now. At least one of them offers it for free on certain loan products. Here’s and example of how it works. You buy a home and put 60k down down, 5 years later the market is down and you need to sell for less than you bought it for. What would have been a loss of some of your down payment is now potentially covered and reimbursed to you!
It’s important to note that a there are many different types of this insurance and the details of how they work and how much it costs you can vary quite a bit. So it’s best to discuss your particular scenario to determine what’s right for you. If you’d like to learn more about these options feel free to contact me for more info. You can email by clicking here, or call me directly at 858-863-0262.
- Jeremy Beck
- Mortgage Planner / Co-Founder
- Lic#s NMLS 322621 / BRE 01404189