How much money should you have saved for a down payment on a home?

Question

Please give tips on 1st time homebuyers? Any advise you wish you got before purchasing?

Answer

The more the better because it will lowers your interest rate. Most loans require at least 3%-5%. It kinda depends on the cost of the home.

Answer

So I recently bought a home with about $4,000 as a down payment. However, after closing costs and everything it costs us about $11,000. We with a mortgage company before we got pre-approved and the woman broke down all the costs and everything. I would suggest sitting down with someone from a mortgage company to understand all the costs associated with closing on a home.

Answer

It’s based on a percentage of the price of the home. I don’t know about the states but in Canada it’s become harder to obtain a mortgage. Asking for a 10-20% down isn’t unusual if you don’t have perfect credit.

Answer

Depends on the cost of the house. We put down 5% but the more you can put down, the lower your mortgage cost will be

Answer

It really depends on what the price of the house/loan amount/area you are buying in will be...play around with a mortgage calculator or talk to a loan officer to discuss your options/qualifications. 
There’s really no way for anyone to say without knowing more about your situation.

How much money should you have saved for a down payment on a home?

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