Don’t Have Money for a Deposit? You Have Options

When you get an accepted offer on a house, you’ll need to provide a deposit—usually within 24 hours. This is typically around 5% of the purchase price, though your realtor will confirm the exact amount. This is not the same as your down payment. This is a signal to the sellers how serious your offer is. 

For first-time home buyers, this deposit usually comes from your savings, and later, it can be used toward your down payment.

But what if your money isn’t sitting in your bank account? Maybe it’s tied up in investments or in the equity of your current home. (Remember—you don’t get access to that equity until your home sale officially closes!)

So, what can you do?

• Use a line of credit
• Arrange short-term financing
• Borrow from a family member

There are options! The key is to plan ahead. Have these solutions ready before you make an offer so that when your dream home gets accepted, you can provide the deposit quickly and confidently.

Buying a home is exciting—let’s make sure you’re prepared for every step.

Let’s get you ready early!