Embarking on the journey of homeownership is an exciting and significant step in one’s life. One crucial aspect of this process is the down payment, which can greatly influence the terms of your mortgage.
Purchasing a home is one of the most significant financial decisions many individuals make in their lifetime. It involves a substantial investment of money and requires careful consideration to ensure long-term financial stability.
Several generations ago, lenders required home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn’t save this substantial amount, the reality was that for the majority of people, the 20 percent down was a requirement.