What is a Down Payment?
A down payment is the amount of money you pay in advance toward the purchase of a property.
Down payments can either be large or small. It is important for you to consider the financial implications of putting a large amount down versus a small amount. Different loan programs require a variety of minimum down payment options. The deciding factor in choosing a loan program will be based on your best investment option.
A question to ask yourself will be: If you choose to go with a smaller down payment, will your money invested in another area outpace the cost of your loan? If so, a smaller down payment, along with the proper investments, will be better for you. There will also be circumstances when a larger down payment is a better option.
There is a strategy to finding the loan program that is correct for you. We can assist you in meeting your financial needs by guiding you through all of your options.