2007-03-03 06:37:04 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Your down payment can be anywhere from 0% to 100%.
Lenders are offering 103% financing with the 3% used to cover closing costs. Only the best clients will get this type financing. The usual down payment is 5% which needs insurance for the mortgage. At 25% there is no longer any need for insurance so there is a savings at this stage.
MOST IMPORTANT:
Your down payment should be enough so that you receive the best rate (the higher the down payment the less risk to the lender and therefore the best rate) - and your monthly payments are manageable! That is the key - you must keep your monthly mortgage payments low enough so that it isn't a shock to your lifestyle that you may be living if you are paying a lower monthly rent payment.
2007-03-03 07:04:25 · answer #1 · answered by glen s 3 · 0⤊ 0⤋
Anywhere from 1 to 25% . Depends what you need to get a mortgage, various government programs, etc.
2007-03-03 14:40:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the price of the home and of course your realtor would be able to tell you but lets not forget THE BANK1 bettyk
2007-03-03 14:44:34 · answer #3 · answered by elisayn 5 · 0⤊ 0⤋
Traditional rule of thumb 20%, but that is so dependent on your lender and your cash flow....and too how long you intend to keep it etc.
2007-03-03 14:47:50 · answer #4 · answered by Rick 3 · 0⤊ 0⤋
10% from the actual price at least
2007-03-03 18:25:11 · answer #5 · answered by apolinaria k 2 · 0⤊ 0⤋