If you’re having trouble getting approval for a mortgage loan, you may need a little help. There are many tips for getting a mortgage that you can follow. Putting more money down is a great tip that can make a big difference.
Effects of a Down Payment
Most lenders will require that you put money down at the time of purchase. If you are in a position to put down 20 percent, you’ll eliminate private mortgage insurance. This down payment will also lower your purchase price and monthly payment. The more you can put down, the greater the likelihood you’ll be able to qualify for a larger loan.
Start saving today for your down payment. The sacrifice will be well worth the effort.