29
Nov
By Jim Hasek
Mortgage, ,

How Large Of A Down Payment Do You Truly Need?

If you are interested in purchasing a home, how much money should you put down? This is a difficult question that all potential homeowners need to answer, as it will dictate the size and location of the house you can afford. There are a number of factors to consider, so what do you need to know? Generally, Putting More Down Is Better There is a solid chance that a home loan is going to be the largest loan you will ever take out in your life. Therefore, there is some risk involved, and you must make sure you can pay…
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07
Sep
By Jim Hasek
Mortgage, ,

Should You Buy Mortgage Points?

When you take out a home loan, you might have the option to purchase mortgage points. Essentially, this is money that you pay to the lender upfront in exchange for getting a lower interest rate over the life of the loan. If you got a great deal on the house, you might have some extra cash on hand. Should you use that money to buy down the interest rate? This is a math problem that you need to calculate for yourself. How To Do The Math If you want to figure out if the mortgage points are worth it, you…
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23
Feb
By Jim Hasek
Mortgage, ,

Everything Homeowners Need To Know About Down Payments

Buying a house is an exciting time, but homeowners also need to make the best financial decision to meet their needs. One of the biggest decisions potential homeowners will face is how much money to put down. A down payment is the amount of money that homeowners pay upfront when they purchase a home. Many homeowners believe they need to put down 20 percent; however, this is not always the case. What do homeowners need to know about putting a down payment on a house?  20 Percent Is Not Always Required The reason why homeowners often believe they need to…
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16
Feb
By Jim Hasek
Mortgage Tips, ,

Eliminate These 5 Barriers To Saving For Your Down Payment This Month!

With all the expenses that go into monthly living and the temptations that come along with life, saving money for the down payment on your new home can be quite a struggle for many people. If you're having a hard time saving and are wondering what you can do to ensure a higher bank balance next month, here are a few things that may pose a risk to getting the home of your dreams. Forgetting To Take Lunch One of the things most likely to defeat your bank balance is the daily office trip to the deli or diner. Instead…
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19
Jan
By Jim Hasek
Home Buyer Tips, ,

3 Considerations When Making A Down Payment

One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to pay "discount points" to lower your interest rate. There are pros and cons to doing both and each borrower's situation will be different so it's important to understand which option is best for your individual need. Some Factors You Should Consider Include: Cost Of Borrowing - generally speaking, to lower your interest rate will mean you pay a…
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20
Oct
By Jim Hasek
Mortgage, ,

A 20 Percent Down Payment: Is This Really Necessary?

Purchasing a home is a major decision, and it could be the most expensive financial transaction somebody ever makes. Therefore, it is important to get this right. One of the biggest hurdles for a new homeowner is coming up with enough money for the down payment. A lot of people believe they require 20 percent down to purchase a home. Saving this amount of money can be overwhelming, and some people are wondering, is this really necessary? There are several key points to keep in mind.  Putting 20 Percent Down Is Not Really Necessary When taking a look at the…
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