Free Guide

Your Guide to Buying a Home

Everything you need to know to buy a home without an agent.

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Down Payment

Depending on the type of mortgage you choose, you’ll need to save between 3% and 20% of the home’s purchase price for a down payment. Some mortgage options offer very low down payments, for example the VA loan if you are a veteran and the FHA loan (Fair Housing Administration).

Why pay a higher down payment?

More substantial down payments can reduce your monthly mortgage payments and may eliminate the need for private mortgage insurance (PMI).

Account for an Emergency Fund

Don’t put all your cash reserves into your down payment! You will need additional funds for closing costs and need some funds set aside in case something goes wrong like the furnace breaking!

Understand and budget for closing costs, which typically range from 2% to 5% of the loan amount. Also, account for moving expenses, home repairs, property taxes, homeowners insurance, and possibly homeowner association (HOA) fees.

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