The Art Of Putting Down Less
It came as quite a surprise when we learned that the young couple next door was moving. They bought the house just a couple of years ago and are very active in their church which is a long distance away from our area. As it so turns out, they came across a house that was much closer to their church, was a steal of a deal and they jumped on it.
Having your own home and being able to put all your creativity into it, making it a place where you feel safe, comfortable, and can kick off your shoes after a day of hard work, may seem out of reach for many. That is not entirely true; almost everyone can buy a house these days without having the put down a large down payment.
Most potential home buyers are still under the impression that they have to save up to 20% of the price of the house for a down payment and are not aware that there are also low down payment mortgages available which require only as little as 3 to 5 percent. This low percentage is feasible due to mortgage insurance and can be obtained either through the government, or the private sector.
There are many sites on the Internet that will be extremely helpful deciding what to do and which route would be best to go. You are not limited to go with the first loan presented to you. It is always good to shop around and meet with different lenders to find the best and cheapest mortgage loans available.
Even when you already bought a house and have gone through all the necessary steps to ensure you ended up with what you thought was the cheapest mortgage, you may come across a loan which is less costly. Maybe you want to refinance, because the interest rates have gone down and refinancing would save you a substantial amount of money per month.
In those cases, the same rule applies; make inquiries and gather up as much information from as many lenders as possible. It may take a little time and effort, but it will ensure a roof over your head for a long time to come, because your home will not be among all the future foreclosures. It also means your budget will increase and that is something we all can use in these financially taxing, economic times.
You sure can put your creativity and artistic abilities to good use and do a whole lot of interior decorating with those savings!
Having your own home and being able to put all your creativity into it, making it a place where you feel safe, comfortable, and can kick off your shoes after a day of hard work, may seem out of reach for many. That is not entirely true; almost everyone can buy a house these days without having the put down a large down payment.
Most potential home buyers are still under the impression that they have to save up to 20% of the price of the house for a down payment and are not aware that there are also low down payment mortgages available which require only as little as 3 to 5 percent. This low percentage is feasible due to mortgage insurance and can be obtained either through the government, or the private sector.
There are many sites on the Internet that will be extremely helpful deciding what to do and which route would be best to go. You are not limited to go with the first loan presented to you. It is always good to shop around and meet with different lenders to find the best and cheapest mortgage loans available.
Even when you already bought a house and have gone through all the necessary steps to ensure you ended up with what you thought was the cheapest mortgage, you may come across a loan which is less costly. Maybe you want to refinance, because the interest rates have gone down and refinancing would save you a substantial amount of money per month.
In those cases, the same rule applies; make inquiries and gather up as much information from as many lenders as possible. It may take a little time and effort, but it will ensure a roof over your head for a long time to come, because your home will not be among all the future foreclosures. It also means your budget will increase and that is something we all can use in these financially taxing, economic times.
You sure can put your creativity and artistic abilities to good use and do a whole lot of interior decorating with those savings!
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