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While the "20% down" rule is the gold standard (it helps you avoid private mortgage insurance), many programs allow for as little as 3% or 3.5% down. 2. Choosing Your Loan Type buying a house mortgage
Your interest rate never changes. If you start at 6%, you stay at 6% for the next 15 or 30 years. It’s predictable and safe. AI responses may include mistakes
Buying a home is likely the biggest financial leap you’ll ever take, and the mortgage is the engine that makes it move. It’s easy to get lost in the jargon, but at its heart, a mortgage is just a long-term agreement that trades a steady monthly payment for a place to call your own. 1. The Foundation: Your Credit and Down Payment Before you even look at a house, lenders look at you. It’s predictable and safe
Not all mortgages are built the same. The two most common paths are: