When you are in the process of trying to buy a home
one of the first steps to think about is your down payment. If you are
financing your new home most lenders prefer you to have a twenty percent down
payment. This will secure better rates and a lower mortgage. It also creates
instant equity in your new home which is helpful in case you need an equity
loan in the future.
Based on the average prices of a two bedroom home in
the area at this time you should try to have anywhere from $20,000 - $40,000
available to put down. The house prices for a good two bedroom home here in San
Antonio are ranging between $115,000 all the way up to $350,000 on average.
If $20,000 - $40,000 feels like an impossible task,
you should at least try to come up with a ten percent down payment. A down
payment in general signals to the lenders that you are serious about purchasing
a house and also have the financial means to pay down your loan.
There are many posts, blogs and articles on the internet today about different
methods you can employ in order to save for your down payment now without
significantly affecting your current living situation. You also have the option
of speaking with financial advisors who can help you devise a plan to start
saving and begin the process of settling into the new home of your dreams.
Carl Bishop
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