Tag: <span>Percentage</span>

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HOW MUCH OF A DOWN PAYMENT DO I NEED?

How much money should you put down on the purchase of a property? If you just want to put the minimum down, then you are generally looking at 3% down for a primary residence (unless it is a down payment assistance, VA, or USDA loan), 10% down for a second/vacation home, and 20% down for...

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NO MONEY DOWN LOANS, HIGHER INTEREST RATES

Many lenders will try to sell you no money down loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs. If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able...

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PRE-PAYMENT LOAN PENALTIES

Some loans may have a pre-payment penalty in the event you pay off the loan early. You probably won’t see these on conventional or government residential loans, but you may see them on other residential loan products and on commercial loans; the penalty is a certain percentage of the loan amount. Example: You borrow $200,000...