What is a down payment?
A down payment is a partial payment for a large-scale purchase, like a home. It is essential for financing your new home and demonstrates your commitment to your new place. Purchasing a home is an exciting milestone in many Americans’ lives. In 2020, 65.8% of Americans were homeowners
and we expect to see that percent increase in 2021 and beyond. However, many first-time homebuyers and borrowers are out of touch with the expectations of the home-buying process. Our loan officers eat, breathe and sleep mortgages and will be your guide on all things related to buying your new home. A down-payment is necessary to begin closing on the home of your choice and is usually paid in cash at closing, the last step of buying a home.
How much should I put down on a home?
Historically, down payments are 20% of the purchase price. Forty percent of millennials are under the false impression
you only need $10,000 for a down-payment, rather than the 20% traditional benchmark. Unfortunately, 61% of young people have less than $10,000 in savings and 14% of those have no savings at all. Mid America Mortgage is proud to announce our Down Payment Assistance program
! Traditionally, having a down payment increases your chances of getting approved for a mortgage with a decent rate. Currently, mortgage rates are at their lowest point in decades which increases the desire to own a home. We recommend speaking with a licensed residential loan officer about your specifics and they will help you find the sweet spot for your specific property. We have loan officers licensed in almost every state, find your mortgage professional today!
Mid America Mortgage Process
When you apply to have a loan with us, our underwriting team works hard to pre-approve you for a loan that is within your budget. We offer pre-approval letters after you have completed an application and credit review with any of our lenders. Our process saves time through the simple and secure Click n’ Close platform
. The Mid America Mortgage platform is the first, all-digital portal allowing you to apply, document, receive approval and close in one place. Questions? Contact Mid America Mortgage, Inc. Today!