homes with fenced yardsCavite is an affordable housing haven, but even its low-cost properties require a down payment. Until you pay it in full, you can’t move into the house. This means you need to wait for more time before you can call yourself a proud homeowner. If you’re currently paying for rent, saving for a down payment can be difficult.

Fortunately, there are ways to make it more manageable. Use these tips to minimize your upfront payment and make the most of your money:

Don’t Pay Reservation Fee (Unless You’re Sure to Buy)

By and large, properties for sale come with a reservation fee. Any Lancaster New City review you could read would say it’s technically part of the down payment except it’s often non-refundable. If you pay for it and change your mind later on, you might never get it back.

Although you can use it to make your desired property inaccessible to other buyers, paying for it means having more skin in the game. Unless you’re 100% positive that you want to buy the property, think twice before you the reservation fee, or else you might risk losing thousands of pesos for nothing.

Break It Down

Many developers allow paying the down payment in several installments. On top of the reservation fee, you can get the option to break the remainder down into six, smaller payments. Take note, though, that you need to pay the first installment within a certain period after you reserve. Otherwise, you might lose your exclusive right to buy the unit.

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Choose Your Lender Wisely

Not all lenders will be willing to let you borrow enough money to buy the property. Even developer-accredited banks might only lend you 90% of the unit’s loanable amount. If you fail to find a mortgage big enough for the money you need, you might have to pay for the rest upfront.

Explore all of your options to find the best deal. When it comes to housing loans, Pag-IBIG is always one of your best bets.

The down payment can be a hurdle in home ownership but don’t skip it. After all, paying it is key to build your property’s equity (value) fast.