Down Payments

A down payment is a payment you put down when you purchase a home. For example, if you are getting a loan for a $100,000 home, but you make a down payment of $20,000, than you only need to take a loan out for $80,000.

You have the down payment, now you need the mortgage. Contact a lender today.

Home loans usually require some sort of down payment, even if it's a very small one. You always have the option to put down more than required. This can have it's advantages and it's disadvantages. The disadvantages, of course, would be the fact that your bank account may be close to depleted after a hefty downpayment. On the other hand, if it's affordable, it offers plenty of advantages. Making a downpayment will:

• Help Get a Percentage of the Overall Payment Out of the Way
• Immediately Put Equity Into Your Home
• Make Monthly Payments Lower
• Possibly Make Interest Rates Lower
• Cancel out Mortgage Insurance If You Put Down More Than 20%

Some mortgage lenders, however, will offer their loans to you for zero money down. These loans are called 100%, 103%, or 107% mortgages. This usually only applies to home loans, as commercial mortgages usually require downpayments. If you have the money saved up for your down payment, or even if you don't, contact a lender in your area today to discuss your needs.

You have the down payment, now you need the mortgage. Contact a lender today.