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Buying a home is a significant investment. However, before investing in a house, you must save up a down payment to qualify for a loan. Our real estate agents understand that this can be a daunting prospect, and yet it's not insurmountable. With careful planning, a little research, and strategic use of your money, you can reach your down-payment goal and step into the home of your dreams.
• The 20% Myth
You've likely heard that you need to save 20% of the home's purchase price as a down payment. That's not accurate. You can purchase a home with as little as 0%-5% down for most loans. However, until you've paid down 20% of the loan, you must pay for mortgage insurance. For this reason, most homeowners strive to pay off at least 20% of the loan as quickly as possible.
Bill Porter, Broker
(304) 612-3746
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