All About Down Payments

Dated: 09/24/2014

Views: 3058

An important aspect of getting a home loan is saving money for your down payment. You have many choices to make your home more affordable to you.   Lenders used to require a down payment of at least 20 percent of the home’s price. These days, however, many lenders offer flexible home loan programs allowing you to put very little down -- three percent or less of the home price. For some buyers it’s possible to buy a home with no down payment at all, or to receive help from local down payment assistance programs.   If you decide to pay make a down payment less than 20 percent, your lender may require Private Mortgage Insurance (PMI), which protects the lender in case you cannot repay the mortgage. Talk with your mortgage professional to find out the smartest deal for you.   You’ll also need to pay for closing costs, which are costs associated with initiating a loan. These can include loan origination fees, discount points, attorney fees, recording fees and pre-paids. They often will total from three to five percent of the price of the home.   Once you have you down payment and loan pre-approval, it’s simply a matter of finding the right house. Please call or email when you’re ready to take this next step towards owning your own home.

   If you have more questions about buy a home for the first time, please feel free to call or email me directly at:
   Chris Bianco
  (602) 291-2090
  cbianco@civiccenterrealty.com
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Chris Bianco

I am the Broker Owner of Weichert Civic Center in Scottsdale, AZ. As a lifelong AZ resident, I live and work here, am raising my family here and understand all things Arizona. My firm lists and sells....

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