Tag - down payment

2 Major Myths That May Be Holding Back Buyers

The Urban Institute recently published a report discussing the obstacles to accessing homeownership. 80% of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment of over 5%. My job is to educate potential homebuyers with the realities of a mortgage and obtaining a loan. The first major myth is that homebuyers absolutely need a 20% down payment. Many homebuyers can overestimate the down payment funds needed to qualify for a home loan. According to the Urban Institute report, "consumers are often unaware of the option to take out low down [...]

How Renters Can Come Up with a Down Payment

How Renters Can Come Up With a Down Payment

Oh, that darn down payment. The reason a lot of people simply cannot buy a house. That down payment is a huge amount to save up for a put down on a house and unfortunately is one of the main reasons many people do not move from renting to buy. Embedded from MGIC Connects But, there are a lot of other options when it comes to coming up with a down payment. Yes, you do need a little bit of money in order to make a down payment on a home, but this is simply smarter financial management. If you have [...]

3% Down Payment Home Loan With No Mortgage Insurance

What's stopping you from buying your dream home? Maybe your first home? Is it the downpayment? The monthly commitment? The additional fees? Are you just plain apprehensive about making such a big purchase? Did you know about the 3% down payment option? Many home buyers, especially first-time home buyers are nervous about buying a home because they feel they just can't come up with that 20% down payment and they don't want to be stuck in a home loan that requires a lot of extra monthly fees. Until recently, just about any loan that allowed for less than 20% down payment required monthly [...]

Pin It on Pinterest

Be Smart! Get Daily Info on the Economy & How it Effects your Mortgage Rate!

Don't Miss Out!

You have Successfully Subscribed!