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Ellen Garcia

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Down Payments 101: Saving for a Home Loan

If you’re hoping to buy a house in the near future, you’ll want to focus on saving for a down payment. Down payments are a way to let a lender know that you are a low-risk investment, and a way to save money on interest over the term of your loan. If you have your other finances in order--a good credit score and steady income--there’s a good chance that making a 20% or more down payment will land you a low interest rate that can save you thousands. How large should my down payment be? The larger the down payment you can afford, the more money you’ll likely save in the long run. While there are ways to get a loan with no or very small down payments, these aren’t always ideal. First, if you put less than 20% down on your...
Posted to Financing and Saving for Your Home Purchase on Monday, February 05, 2018 at 11:58:00 AM

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