The Ins and Outs of a Down Payment

Being able to purchase a home is often tied to how much of a down payment you have saved. If you have never bought a house before, you may not understand what a down payment is or why it is so important. Here’s the basics you need to know as you save up for your first home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to lenders because it shows them you are serious about the purchase and committed to paying off your loan.  How Down Payments Affect Your Mortgage The size of your down payment can affect your mo...

January 2nd, 2019 | VA Loans, FHA Loans, Preapproval, Purchasing a Home, The Ins and Outs of a Down Payment