One question I get asked all the time is, “How much money do I need as a down payment if I’m going to buy a home?” Basically, you have two different options:
The first is to go online and check. The Internet features an array of different websites that function as mortgage calculators. One of my favorites is SmartAssets.com, where you can scroll through the site quickly and let them know what kind of loan you’re looking to apply for and it will give you a quick approximation of how much money you need to put down.
For a more accurate estimate, your second option is getting in touch with a mortgage professional. There are many different loans out there. Depending on your financial situation and your credit, it might be difficult to ascertain which one works best for you. Additionally, it’s important to keep closing costs in mind, as they will be a part of your initial down payment when buying a home.
If you have any further questions about down payments or real estate in general, feel free to give me a call or shoot me an email. I look forward to helping you in any way that I can.