The Low Down on Down Payments
DETERMINE YOUR DOWN PAYMENT - Don't make the mistake of looking at all your assets and concluding that’s how much you have for your down payment. First, set aside 2 to 5 percent of the purchase price for closing costs. Then, set aside an additional $5,000 to $10,000 (depending on where you live) for relocation expenses, moving costs, furniture and short-term improvements, and unforeseen costs.
The Ultimate Homebuyer’s Guide: Budgeting & Mortgages
Everything you need to know about setting a budget and getting a mortgage for your new home. After you’ve saved, cleaned up your credit, and done your initial research and set some guidelines for your search, you need to start thinking about financing. It might sound like you’re putting the cart before the horse, but understanding the steps to getting a mortgage and getting a pre-approval letter will give you a significant advantage over other buyers. Many sellers won’t even accept offers from buyers who aren’t pre-approved.