Down Payment - Check Your Eligibility
- Considering buying a home?
Determine what you can truly afford. Figure out which mortgage is right for you and get pre-approved before starting the house hunting.
- What is a down payment, anyway?
The down payment is the difference between the purchase price of a property and the mortgage loan amount. The down payment is deducted from the purchase price of your home. Your mortgage loan will cover the rest of the price of the home. It’s money that signals to the lender that you’re a good candidate for a mortgage: you’ve managed to save up some money, and you care enough about the home to put a chunk of your savings toward making it yours. The more that you can put on your down payment the lower your monthly payments will be throughout your loan.
- Why down payments are required?
When you make a down payment, you risk losing that money if you can’t make the house payments and end up in foreclosure. This gives you an incentive to make your mortgage payments. In the event a borrower defaults on the loan the lender will have an equity position on the property.
- Let's see if you're eligible, click on the link below: