25 Tips For Buying Your Dream Home in 2019 – Series
25 Tips For Buying Your Dream Home in 2019 – Series
25 tips for buying your dream home in 2019 series continues.
6. Gather Funds for a Down Payment
The size of your down payment not only affects how much your monthly mortgage payment is going to be but it also determines whether or not you are going to need to obtain private mortgage insurance. This type of insurance is also referred to as PMI. Avoiding PMI is as easy as providing 20 percent of the purchase price as your down payment. Private mortgage insurance can be costly, especially if you are buying an expensive home. Once you decide to buy a house, you should begin putting money away for your down payment. It’s important to realize that you are also going to need money to pay the closing fees attached to your settlement. You may want to create a separate saving account to save for these fees.
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