How Much Is Enough For Your Down Payment?
When purchasing a big ticket item, such as a house or a car, it is common to seek financing. Applying for a loan enables you to pay for these high-dollar items slowly over time with regular monthly payments, but it is customary and often even required by the lender for you to make a down payment at the time of purchase. If you are preparing to apply for a loan on a house or a car, you may be wondering how much money you need to contribute as a down payment. With a closer review of some common considerations, you can make a more educated decision about your down payment amount.
What the Experts Advise
Your down payment amount will play a direct role in your loan amount and monthly payment. It will…