24
Sep
By Adrian Willanger
Real Estate, ,

3 Considerations When Making A Down Payment

When considering the journey of purchasing a new home, one of the fundamental decisions you'll encounter revolves around determining the appropriate amount of money to allocate for your down payment. It's a decision-making process that involves weighing the benefits of opting for a larger down payment against the potential advantages of utilizing some of those funds to purchase "discount points," thereby reducing your interest rate. Each option carries its own set of merits and demerits, and the optimal choice for you hinges on a careful examination of your unique financial circumstances and objectives. Here's a more detailed exploration of the factors…
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03
Apr
By Adrian Willanger
Homeowner Tips, ,

Down Payment Options: Your Guide to Homeownership

So, you've decided to take the plunge into homeownership – congratulations! One of the most critical aspects of buying a home is figuring out your down payment. It's a significant financial commitment that can shape your home-buying journey. But fear not! There are various down payment options available to suit different financial situations and goals. Let's explore them together. Traditional 20% Down Payment: The traditional route suggests putting down 20% of the home's purchase price. This option often allows you to avoid private mortgage insurance (PMI), potentially saving you money in the long run. While a 20% down payment may…
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26
Oct
By Adrian Willanger
6542 Comments
Homebuyer Tips, ,

Important Tips When Making a Down Payment for a Home

When it comes to purchasing a home, one of the most significant financial decisions you'll make is how much to put down as a down payment. Your down payment not only affects the amount you need to borrow but also plays a vital role in determining your mortgage interest rate and overall financial stability. Here are crucial tips to keep in mind when making a down payment for a home: Determine Your Budget and Financial Goals: Before you start setting aside money for a down payment, you must understand your budget and financial goals. Assess your current financial situation, including…
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25
Jul
By Jim Hasek
Mortgage, ,

Financial Considerations When Buying a Home

Purchasing a home is one of the most significant financial decisions many individuals make in their lifetime. It involves a substantial investment of money and requires careful consideration to ensure long-term financial stability. To navigate the complexities of the home-buying process, it's essential to be well-informed about the various financial considerations involved. In this blog post, we will explore key factors to consider when buying a home to help you make informed decisions and achieve financial success. Establishing a Realistic Budget: Before diving into the home-buying process, it's crucial to establish a realistic budget based on your financial situation. Consider…
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05
Apr
By Jim Hasek
Mortgage, ,

How To Successfully Use Your Down Payment to Achieve Your Home Buying Goals

When you are considering purchasing a home, understanding the lending guidelines regarding a down payment is important.  Here are a few key tips to consider: Gifting of a Down Payment There are some programs that will allow you to use a gift for your home down payment. However, before you assume this, make sure you talk to your loan officer. Generally speaking, the lender will require the person making the gift to provide a letter stating the money was a gift and does not require repayment. Windfalls as a Down Payment When people hit the lottery or come into money…
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03
Mar
By Jim Hasek
Mortgage, ,

What Are The Benefits And Drawbacks Of Putting 20 Percent Down On A Home Purchase?

Several generations ago, lenders required home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn't save this substantial amount, the reality was that for the majority of people, the 20 percent down was a requirement. It was the way to show that you were financially responsible enough for homeownership. And it was a strong way that the banks felt secure in making a home loan. Today, however, homebuyers have many options available to them as they shop for a new home, and those…
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