Short on down payment money and thinking about buying a house? Think outside the (jewelry) box!
Do you have a 'retired' wedding or engagement ring? Or how about an old coin collection, motorcycle, boat, snowmobile or antique car? Forgotten gems and dusty toys may be considered assets provided they are saleable. A little effort can turn items like these into cash money, perfect for that new home that makes your heart go pitter-patter.
There are a few rules to keep in mind during the process because making a large cash deposit without a paper trail is a no-no and might not fly with the lenders.
Make copies of titles or proof of ownership first.
Always create a bill of sale.
Show proof of receiving the money for the item.
Deposit the full amount and keep the deposit slip from the bank.
Dust off your goods and get started!
We have a group of trusted lenders who are happy to answer all your financing questions. It can be complicated and we want you to fall in love with a new home and keep the process nice and sweet. Click here for our list of preferred lenders.