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Thursday, July 8, 2010

Save up for your home-buying

Saving, Why is this so important? Here is good reason to save up for your home-buying process:

1. Down Payment

When you buy a home, you’ll have to make a down payment of some kind. The days of “no money down” ended when our economy collapsed. Almost 100% of lenders today will require you to put some money down. The amount needed will vary, based on the type of loan you are using. With an FHA home loan, you can put as little as 3.5% down. With a conventional mortgage (one that’s not backed by the government), you’ll need to put even more money down. Many buyers aim for a 20% down payment, to avoid paying private mortgage insurance.

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