What to Put Down To Get A Good Mortgage?
Typical advice given to middle age people would be to reflect on their increasing cash liquidity, safety, rate of return and tax deductions and also planning for retirement. Perhaps they should sit down with a financial planner to discuss their total investments.
Before applying for a mortgage you should work on eliminating a good majority of consumer debts to lower your debt-to-income ratio, improve your credit score, and increase your cash flow.
If you saved enough to put down a large down payment, let's say 20 percent, you should first check how much you could afford in monthly payments. The reason behind this is to leverage and keep funds liquid for other purposes.
Remember there is no rate of return in equity. The least amount you put as a down payment the higher the rate of return will be. Usually it is good advise to tell clients never to put a big down payment if they can afford a higher loan amount.
Typical advice given to young couples varies depending on how much money you have to contribute and the type of financing you obtain. Some lenders want you to put down 20 percent or you may qualify for 0 percent financing, requiring you to cover only closing costs and incidentals.
Five percent down is the minimum many lenders will accept. Don't have that much? You could borrow that money from someone, but that means more money to pay back and great overall cost because you pay interest on that also. If you don't put down a minimum down payment the lender considers you a risk.
However, they will give you the loan if you will pay your own insurance. Typical advice given to those without money to put down is, well; you most likely can get a zero percent down loan. Think twice before doing it and here are some of the reasons.
You are more likely to lose your home because you didn't have the financial discipline to save or are not making enough money for your home. The less you put down, the higher your monthly payments will be making the entire matter worse.
If you put nothing down that means you will have to settle with a smaller home and soon out growing it. Also, it will be more difficult to find lenders because of the risk they will be taking on. In the end it is a personal choice and the money that you have saved.
If I had it all, I would put a large amount down to have a smaller monthly payment and qualify to receive a lower interest rate. Therefore, be able to put more into personal savings monthly and reach my goals by keeping my funds liquid and plan for a richer retirement. Well, I can dream!
(ArticlesBase SC #259100)
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