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.
Your Guide to Mortgage Paperwork
Trackin gall the paperwork you need to process your loan can be a headache. Your agent will assist you with gathering the proper documents, but make sure you're educated about what you need in advance.