Buying a house is an American dream. We grow up dreaming of the new home that we will live in someday. Whether or not it has a picket fence depends on your dream, but one thing is for sure we all have to pay closing costs. And, believe it or not, a payday loan can be enough money to get you into your home in no time.
Many homes can be purchased so that they are completely financed, all you have to do is pay the closing costs and you are able to move in to your new home. When you purchase a new home, you will typically find that you have to pay one percent or so of the entire cost of the home. This means that if your home cost $100,000, you would have to pay $1,000. If your home cost $60,000 then you would pay about $600.
In order to pay your closing costs you need to have cash available. If you are running short on cash and payday is not far away, a payday loan can be just what you need to supply you the extra cash to pay your closing costs. Payday loans are easy to get if you have a checking account, a job and you are at least 18 years of age. The cash is deposited directly into your checking account. When borrowing a payday loan, be sure to borrow only what you need. You also want to be sure to pay the loan back on time. You should have plenty of time to do so, because your first house payment is often not due until four to six weeks after you close on the home. If used responsibly and smartly, a payday loan can be just what you need to get the extra cash you need into your bank account in time to pay the closing costs on your dream home.
1 comment:
How can you not be prepared enough when buying a home to not have money for closing? How can it be good advice to tell anyone to take out another loan to get a mortgage started? If you can't plan to save (in your example) $600 to $1000 how are you ever going to consitently pay your mortgage? You are asking for trouble if you can't save enough to cover your closing costs. Think about waiting to buy a home till you can save $1000.
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