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How to Borrow Against Stocks for Down Payment
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How to Borrow Against Stocks for Down Payment
What it is: Just as a bank can lend you money against the equity in your home, your brokerage firm can lend you money against the value of eligible stocks, bonds, exchange-traded funds, and mutual funds in your portfolio
rather than sell stocks to get your down payment and either have a capital gain if they were up and owe taxes, or take a loss when you’d rather be buying or holding onto stock toward your cash down payment.
So there are three steps to this:
ONE,
To do the loan, you would research with your brokerage firm.
TWO,
To use the funds for the down payment, you would talk to your loan officer to confirm that the paperwork you would obtain will let you qualify for the home purchase loan. So you’ll need to have a lender look at your documentation to make sure it qualifies under current guidelines and their loan program.
That lender will qualify you, considering the cash you’ll pull from that loan as going towards the home loan down payment, and also figuring the new loan debt payment to the brokerage firm into your debt to income ratio. That ratio depends on all your debt, that is, your consumer debt that shows on your home loan credit pull, the new home loan mortgage payment- PITI - plus that new payment for the loan on the stocks.
THREE, the third step is providing complete documentation showing the deal as well as the movement of money.
Info is deemed reliable but not guaranteed.
Questions? (Mobile) 951-704-4559
Lisa Delzompo
Assoc Broker
Sand to Sea Properties, Inc.
27247 Madison Ave., #400
Temecula, CA 92590
(Mobile) 951-704-4559
DRE #s 01799041, 01379811
NMLS #331744
Info is deemed reliable but not guaranteed. Loan guidelines and rules change frequently, so info that's accurate one day can change and be inaccurate. Do research on your own situation with your agent and other professionals.
What it is: Just as a bank can lend you money against the equity in your home, your brokerage firm can lend you money against the value of eligible stocks, bonds, exchange-traded funds, and mutual funds in your portfolio
rather than sell stocks to get your down payment and either have a capital gain if they were up and owe taxes, or take a loss when you’d rather be buying or holding onto stock toward your cash down payment.
So there are three steps to this:
ONE,
To do the loan, you would research with your brokerage firm.
TWO,
To use the funds for the down payment, you would talk to your loan officer to confirm that the paperwork you would obtain will let you qualify for the home purchase loan. So you’ll need to have a lender look at your documentation to make sure it qualifies under current guidelines and their loan program.
That lender will qualify you, considering the cash you’ll pull from that loan as going towards the home loan down payment, and also figuring the new loan debt payment to the brokerage firm into your debt to income ratio. That ratio depends on all your debt, that is, your consumer debt that shows on your home loan credit pull, the new home loan mortgage payment- PITI - plus that new payment for the loan on the stocks.
THREE, the third step is providing complete documentation showing the deal as well as the movement of money.
Info is deemed reliable but not guaranteed.
Questions? (Mobile) 951-704-4559
Lisa Delzompo
Assoc Broker
Sand to Sea Properties, Inc.
27247 Madison Ave., #400
Temecula, CA 92590
(Mobile) 951-704-4559
DRE #s 01799041, 01379811
NMLS #331744
Info is deemed reliable but not guaranteed. Loan guidelines and rules change frequently, so info that's accurate one day can change and be inaccurate. Do research on your own situation with your agent and other professionals.
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