Down Payments

A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you. Determine Your Down Payment Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate your monthly payments. The traditional amount for a down payment is 20% of the home's purchase price, so if you don't have anything…

A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you. Determine Your Down Payment Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate your monthly payments. The traditional amount for a down payment is 20% of the home's purchase price, so if you don't have anything…

If you’re looking for a new home, you’ve probably heard lots of advice about down payments. About how it’s okay to just have a five percent down payment – you’ll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. In truth, you’re actually better off making the largest down payment you can possibly afford. Even if you have to slice up other areas of your budget, save for a few more years before you buy, or take a second job on the weekends, it’ll be worth it in the end. Here are just four reasons why you should make the…