Once of the most common questions I get in regards to real estate, is how to determine what is needed for a down payment. Years ago the golden rule was 20%, but things have changed. You can now purchase a home with as little as 3% down, and even 0% down in some cases! It all depends on the loan you qualify for.
Read MoreYou’ve most likely heard the rule: Save for a 20% down payment before you buy a home. The logic behind saving 20% is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders
But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.
Read MoreEquity was something that took me a little bit to understand. I understood WHAT is was, but didn’t understand HOW it worked. So if you are in the same boat I was, let me try and break it down for you.
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