Many homebuyers are surprised to learn the minimum down payment most lenders require is 3% or 5% of the purchase price of a house. However, deciding how much of your savings to spend for your down payment is an important decision that will impact your monthly mortgage payment, and what remains in your savings account. Read these homediggidy articles to get a realistic understanding of the best way to plan your down payment.
The down payment should be your first order of business, after you determine what price range to look in. Then you can figure how much money you’ll need to come up with in order to get a mortgage. Let’s break it down. Determining the down payment The rule of thumb is to buy a home […]
Down payment options, Pt.1: Gifts Read More »