Mortgage Rater’s Post

What Is Down Payment Assistance? .. What You Need To Know About Today’s Down Payment Programs:

A 20% down payment is no longer the standard requirement. So how much is a down payment on a house? And when might it make sense to put up more, or less? Our guide has the answers.

There are mortgage options now available that only require a down payment of 5 percent or less of the purchase price. Remember - the larger the down payment, the less you have to borrow and the more equity you will have. See Full Video https://wi.st/3vaLQnR

No you do not need to put down 20% when purchasing a home. With that said, there is a cost for not putting down 20%, i.e., private mortgage insurance (PMI), in which the bank will require you to have until you reach 20% equity, possibly a less favorable interest rate and, in general, paying out more monthly because of these factors. How can you work around this? By getting as close to that 20% as possible. One possible way would be to participate in a Downpayment Assistance Program. New York State will grant you up to $100K! Of course, there are a number of factors that determine what you may actually qualify for, by why not check it out to better position yourself. If you have any questions about Downpayment Assistance Programs, please feel free to reach out to me today! #NewYorkWayRealEstateCorp. #Housing #RealEstate #RealEstateAdvice #HomeownershipGoals #HomeBuying101 #HomeBuyingTips #HomeBuyingProcess #HomeSellingTips #MortgageTips https://lnkd.in/eUua3bKg

There’s no denying it—buying a home is expensive. In fact, it’s likely the biggest single purchase you’ll ever make! That’s why it’s important to know exactly what you’re signing up for from a financial perspective. No surprises means no worries when it comes to your money. Your credit union will help you fill in the blanks and prepare financially for what’s to come. #ABetterWayToBank

Important information here and a detailed reason why on our blog! The Impact of a Higher Down Payment on Interest Costs. Check it out! https://lnkd.in/estmFJuk

There’s no denying it—buying a home is expensive. In fact, it’s likely the biggest single purchase you’ll ever make! That’s why it’s important to know exactly what you’re signing up for from a financial perspective. No surprises means no worries when it comes to your money. Your credit union will help you fill in the blanks and prepare financially for what’s to come.

SIMPLEST TRICK TO MAKE SAVING YOUR DOWN PAYMENT EASIER If you find it difficult to save money for a down payment on a home, I want you to try this. Set up an automatic draft when you get paid to a separate bank account dedicated specifically for your down payment. The reason behind this is we are wired to do easier things. So instead of procrastinating, making tons of excuses, you can set it and forget it. Because we accomplish more if we do things with less friction. And, you can always increase the savings amount if you notice that you have spare money left at the end of the month. Please like and share. For more visit https://lnkd.in/dpmAqQrG TAKE THE TEST https://lnkd.in/gC3cuFaQ https://lnkd.in/dpmAqQrG

How to choose a down payment on a house

How to choose a down payment on a house