21 Apr What Do I Do If I Don’t Have a 10% Down Payment?, with Nick Prefontaine and Zachary Beach
In this episode of Not Just A Transaction, hosts Nick and Zachary explain why not having a 10% down payment ready doesn’t prevent you from buying a home, and they explain a few of the many creative options they can use to help you generate a great down payment to get approved for a mortgage loan by a lender at the end of the rental period.
Glossary of Special Terms Used in this Episode:
- Lender – A bank, credit union, or other financial institution that provides mortgage loans to qualified buyers.
What you’ll learn about in this episode:
- Why a 10% down payment (or more) is ideal, and why the reality for most buyers usually falls somewhere between 5-7%
- How the Pre Property Solutions team can help you come up with a customized plan to get to the 10% mark over time
- What options buyers have to build a larger down payment, and why structuring additional payments to add to the down payment can help you get approved by a lender
- Why building equity in your home is a powerful way to create generational wealth for yourself and your family
- Why the bigger the down payment you can make, the more likely you are to get approved by a lender
- Why not having 10% in the beginning isn’t the end of the world thanks to the creative options the Pre Property Solutions team can help you with
- Pre Property Solutions website: https://www.prepropertysolutions.com/
- Contact Us: https://www.prepropertysolutions.com/contact/
In 2003, Nick Prefontaine was in a snowboarding accident that left him in a coma for over 3 weeks. The doctors told his parents that he probably wouldn’t walk, talk, or eat on his own again. Less than 3 months later, he was running out of Franciscan Children’s hospital. Now Nick speaks to groups that benefit from his message of overcoming adversity.
Nick grew up in the real estate industry and got started at an early age. Most notably, he was knocking on Pre-Foreclosure doors at 16, doing up to 50 doors a day. This experience helped shape Nick’s real estate career. When someone opens the door you better have something compelling to say.
Now, Nick specializes in working with lease purchase buyers to get them into a home and on the path to home ownership. That includes working with them throughout the entire deal which ends in them being able to get their own loan. Getting buyers to the finish line is something Nick and the entire Pre Property Solutions team take pride in. That is something that separates them from their competition. Regardless of a buyer’s credit situation, he looks at their complete financial picture and comes up with a plan to get them into a home.
Zachary is an Amazon Best-Selling Author of The New Rules of Real Estate Investing and revised edition of Real Estate On Your Terms. He has been an authority in real estate for 7 years now and has personally completed hundreds of real estate transactions and has mentored investors to complete thousands of transactions.
At the age of 25, Zachary decided to leave the world of bartending and personally training and jump into the family business. Now he is an equal partner and runs the acquisitions department, focusing on helping sellers accomplish their goal of selling their property.
If Zachary is not working, you will find enjoying the outdoors or spending time with his wife Kayla and two kids Remi and Bellamy. His passion for family and business is what keeps him motivated and excited to take on each day.