Arizona's real estate market, especially in sought-after areas like Gilbert, AZ, and Queen Creek, AZ, has seen remarkable growth over the years. With this growth comes innovation in how people purchase homes. One of the lesser-known, yet incredibly generous ways of doing this is through a "gift of equity." But what does that mean for an aspiring homeowner? Let's dive in with Brick Mortgage.
What is a Gift of Equity?
A gift of equity occurs when a home is sold at a price below its market value, and the difference between the sale price and the market value is "gifted" to the buyer. This gift, typically provided by family members (parents to children, for instance), acts as a down payment on the home.
How Does It Work?
Why Consider a Gift of Equity?
Navigating the Process with an Arizona Mortgage Broker:
This process can be intricate. Working with an experienced Arizona mortgage broker, like Jared Halbert at Brick Mortgage, ensures you're navigating the legal and financial intricacies seamlessly.
A gift of equity, while not commonplace, is a heartfelt and strategic way for families to assist in the home-buying process. As the realms of real estate and home loans continue to evolve in Arizona, it's always beneficial to have trusted partners like Brick Mortgage by your side to guide the way.