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Mission Viejo

Real Estate

Buyers Guide

  

Mission Viejo Homes

Mission Viejo Real Estate

Mission Viejo Realtors

Assess Your Finances

Prepare to meet with a lender

Avoid major purchases before buying a home

Keep your money in one place

Closings costs

Down payment

Get pre-approved

                   

Down payment

Your down payment is applied to the purchase price and is usually not financed. The amount of down payment you use will reduce the amount you need to borrow. So, the more cash you put down, the smaller the loan amount, and in turn, the smaller the amount of your mortgage payments.

Also, if  you have 20% or more to put down, this will eliminate having to pay Private Mortgage Insurance (PMI). This could save you thousands over the term of the loan and keep your monthly mortgage payments down even more.

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Written By Shan Roberts

Department of Real Estate # 01262388