People interested in buying a home are often overwhelmed with all the information they need to know about the process. To save time and money, you need a basic overview of home finance options.
Not all properties and locations are equal, and in many
cases, the local market and location that offer premiums to lenders might
determine your options.
Here’s a crash course so you can get the loan that best
suits your needs.
The Down Payment
If you are borrowing money from a bank or other lender to purchase a home, you’ll need the initial money or down payment.
With most lenders, a buyer must deposit at least 20 percent
of the borrowed amount, with the lender loaning you the remaining 80 percent.
This means, if you’ve set your sights on a home at around $600,000, you
should’ve saved at least $120,000 before you can borrow the rest.
For first-time buyers, governments often can help, with home finance programs that lower