By info@shareamg.com 
The down payment is the cash you need to pay upfront when buying a home. The lender decides the amount as a percentage of the home’s value.
Steps:
- Determine what remodeling projects you want to be done.
- Get estimates from contractors.
Get a home guide from a real estate agent. You can also find them at your local bank, supermarket, or newsstand.
Go through the guide and choose a few homes you like, keeping your choices realistic.
For most standard loans, lenders require you to pay 20% of the home’s price upfront.
- To figure this out, multiply the home’s price by 0.20. This amount equals the 20 percent you’ll need to put down on the house.
Tips:
- If the amount you’ve calculated is out of reach, you may lower your sights and look at a more modestly priced home.
If you’re buying a home for the first time, ask your lender about special loan programs from the government. These programs sometimes need a smaller down payment.
- Also, check if your lender offers loans with lower down payments. Most do, but you’ll need to buy private mortgage insurance (PMI) and might have to pay a higher interest rate on the loan.
Warnings:
PMI costs will be included in your mortgage payment. Ensure you know when you’ll have enough equity in your home to stop paying for PMI. If you don’t, lenders will keep charging you
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