As you begin the exciting journey of searching for your next home, it's important to prioritize your needs and preferences. By creating a list of must-haves, nice-to-haves, and deal-breakers, you
Unlocking the Door to a $700k House: Creative Ways to Make it Happen
Dated: March 7 2023
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Saving for a down payment: Most people who can afford a $700k house usually save up for a large down payment. A typical down payment for a house is usually between 10-20% of the total cost of the house, which means that for a $700k house, the down payment could be between $70k to $140k.
Getting a mortgage loan: Many people purchase homes through mortgage loans. A mortgage is a loan that is used to finance the purchase of a home. To qualify for a mortgage, a person needs to have a good credit score, a stable income, and a low debt-to-income ratio. Depending on the terms of the mortgage, the monthly payments could range from a few thousand dollars to over $5,000.
Inheriting or receiving a gift: Some people who can afford a $700k house may have inherited money from a family member or received a gift. Inheriting money or receiving a gift can help make a down payment or pay for the entire cost of the house.
Selling a previous home: Some people who can afford a $700k house may have sold their previous home and used the proceeds to purchase the new home. The equity from the sale of the previous home can be used as a down payment or to pay for the entire cost of the new home.
Investing: Some people who can afford a $700k house may have made wise investments in stocks, real estate, or other assets that have appreciated in value. The proceeds from these investments can be used to purchase a home.
Diana Esguerra
Allow me to introduce myself—I'm Diana, an exceptional realtor in Austin, Texas, with a vibrant Colombian spirit. I bring a genuine passion and unwavering dedication to my work, making every moment ....
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