Home Down Payments
Buying a home can be one of the most exciting events in a person’s life, but it can also be a fairly stressful process. Preparing your finances will help ease some of the stresses that accompany this large and important purchase. Specifically, determining the proper down payment for your home will affect your financial situation for many years to come. Therefore, careful thought should go into choosing your down payment.
If you or someone you know is having difficulty making mortgage payments, there is no reason to assume the worst case scenario. The Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., have helped many clients renegotiate the terms of their loan and avoid foreclosure. Contact us today at 443-546-4608 to learn more about your options during a free initial consultation.
Advantages of a Large Down Payment
Down payment amounts typically range from 3-20% of the total cost of a home. In some cases, additional loans can be taken out to assist with this amount. The down payment will affect how much money is borrowed and therefore affect the duration and amount of monthly mortgage payments.
The down payment can also drastically affect the interest rate of a home loan. If you calculate the total amount a home will cost you once the mortgage is paid off, you may find that a large down payment may save you many thousands of dollars in the long run.
Your mortgage payments and interest rates are not set in stone. If you are in danger of foreclosure, you need to learn about your legal options. Contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today at 443-546-4608 to discuss your next step.