Having "cash in hand" means having the cash sitting in your bank account, but you can have the equivalent of "cash in hand" by lining up your financing in advance. For example, you can have any of the following financing already in place:

•           Home equity line of credit: With a home equity line of credit, a lender allows you to borrow against the equity in your home. For example, if your home is worth $200,000, and you owe $80,000 on it, you may open a home equity line of credit for $100,000. The bank provides you with a check book for your home equity line of credit account, so you can make payments out of that account. You pay interest only on the money you borrow.

•           Pre-approved financing: A lender can provide you with a pre-approval letter, essentially stating that based on your income, assets, liability, credit history, and other financial records, you are qualified to borrow a specific amount of money. 

 

For more tips on how to get the best deal on your new home contact Paulette Zuena at REMAX Partners in Andover, MA.