Tips for Getting Ready To Buy Your First Home
If you are thinking of purchasing your first home, it is easy to get caught up in the excitement and not think about your finances and how they will be impacted. Buying a home is a big financial decision, so go into it with your eyes open. Here are some things to consider when getting ready to buy your first home.
Save for a Down Payment
A home purchase will come with a loan for the purchase, called a mortgage. Unlike other MaxLend loans, a mortgage requires a large down payment. The standard down payment is 20% of the purchase price. However, some mortgages only require 10% down, and you can sometimes get a mortgage with only 3% to 5% down. Even that smaller amount is a large sum of money when you think of how much a home costs. You will also need to have some money for …
