THE REAL LOWDOWN

Firs-time buyers often find it challenging to come with a down payment. however, they may take heart in the fact that some financing options make it possible to findmortgages for as much as 97% of the home's value. This means that they can place as little as $ 5,514 down on a home costing $183,000. On the other hand, this low down payment option is likely to come at a price. Loans with low down payment usually have higher interest rates. In addition, homeowners with less than 20% equity in their homes are required by their lenders to purchase private mortgage insurance. Still the low down payment option is a good way to get your foot in the door. I am familiar with all of the many options open to you look to purchase a house, and I can recommend trusted, experienced mortgage brokers for if you require their services.



(Private mortage insurance covers the lender in the event that the homeowner should default on his or her mortgage.)