Homesmart

Tag: Downpayment

Posted on 07/07/2020
4 Fun Ways to Start Saving for Your Down Payment
Image by Gino Crescoli from Pixabay Although a 20 percent down payment is no longer the norm, you still need to save a considerable amount to cover all the initial costs of buying a home. With median down payments at seven percent, a $250,000 home will require a down payment of $17,500. Plus, you need to have funds...
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Posted on 04/12/2020
Mortgage: What are Points?
Photo by Precondo via Pixabay Some mortgage companies offer loans with points. In a nutshell, paying points means paying down the interest rate. One point is equal to 1 percent of the mortgage amount. On a $200,000 mortgage, one point is $2,000. The percentage the interest rate lowers depends on the mortgage company and the market. For example,...
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