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You have no money for the down payment conserved yet, yet you wish to put 15% down. To obtain the 15% down payment, or $30,000, you'll require to conceal away $1,250 a month for the following 2 years. If you do not have the alternative to cash-out refinance, you'll require a strategy to conserve your down payment. Your other alternative is to take out a bank loan, yet recognize that your lending institution will need a larger deposit. While you can buy your main home with as little as 3% down, your vacation home will require a minimum of 10%-- or even better to 20%.
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