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  • Download Case Study: Staying Competitive with a Smaller Down Payment

Download Case Study: Staying Competitive with a Smaller Down Payment

  • July 20, 2017

Staying Competitive with a Smaller Down Payment

It is possible to get your offer accepted in a heated housing market, even with a smaller down payment. According to Smart Asset, the average down payment for first time home buyers now ranges between 5 and 10%.

There are steps buyers can take to stay competitive with a smaller down payment. Obtaining a letter of preapproval shows the seller the buyer has already started the mortgage application process and how much they are preapproved to borrow. Removing contingencies can shorten transaction time and expedite the closing process. Leveraging an established real estate team and keeping communication open can help the buyer develop a connection with the seller and stay accessible throughout the lending process.

In this case study, we will review the steps buyers can take when putting in an offer with a smaller down payment. Before making any financial decisions, it is best to consult a qualified mortgage professional.

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Grace Garcia
Sales Manager
NMLS # 238831
Branch NMLS # 1710023

Grace Garcia

PHONE: (562) 400-8471
ggarcia@cmgfi.com

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© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).