How Much Do You Really Need For A Down Payment?
Trying to decide if you're ready to buy a house at the Lake of the Ozarks ? It should come as no surprise that finances are major factor most people in your situation have to consider. Your house is likely the largest purchase you will ever make in your life, and you have to be sure that you are ready! The down payment is often the biggest obstacle that prospective home buyers have to face, so it should come as no surprise that finding out how much they need for a down payment is a top priority for most buyers. Unfortunately, there is no magic answer that indicates how much your down payment will be, as down payments vary according to several different factors and different types of mortgage loans have different requirements. Here's a quick look at some of these various factors. What Is The Down Payment? First, let's start with a little background info on the down payment. Since the vast majority of people who purchase homes are unable to do so without a loan...