July 31st, 2012
Many newlywed couples face a daunting down payment soon after marriage. This has gotten only more difficult as larger down payments are required since the reemergence of conservative underwriting standards.
A recent article in the Scotsman Guide discussed a new trend at weddings that can ease the financial burden: down payment registries.
“Homebuyers hoping to avoid the typical barrage of plates, glasses and cutlery now have a choice,” explained the article. Couples can learn about down payment registries from their loan officers and using that money as a gift fund for their new home.
Websites allowing secure payments for wedding guests to contribute is the common method, as down payment registries online can allow guests to see the homes a couple likes and feel more involved in the process, as opposed to just sending cash.
For more information about these registries, read the full Scotsman Guide article here and talk to your mortgage professional about it.