Mortgages - Your Down Payment And How It Affects Everything Else
The first thing you do before everything else is to figure out how much of a down payment you're going to make. The down payment affects every other step of the mortgage and home-ownership process. It tells you what kind of offer you're going to make on the house, the type of loan you'll acquire, as well as how much you'll pay in closing costs.
Minimum Down Payments
If you look into your savings account and not very much money stares back at you, your options are limited as far as the types of loans you can get and how you write up your offer to purchase.
Large Down Payments
If you have a lot of money to make a sizable down payment on your house, you'll have many more options. You'll have choices of interest rates versus closing costs and more or fewer years on your loan. You may even have an option of rolling other debts into your mortgage loan and still be able to avoid a mortgage insurance policy.
Closing Cost Options
The amount of your down payment can affect how much of the closing costs you pay versus how much the seller pays. If you have a small down payment, rules limit how much sellers can pay. But if you have a larger down payment, you can put on the offer that the seller pays more.
Checking out how much you can afford to put down on a new home is just as important as every other step of the process. You should take a good hard look at just how much you can pay, before you get started with the rest of the process!
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