There is a common misconception that homebuyers with conventional loans must put down 20 percent of the purchase price at closing. In reality, many buyers either don’t have that much cash in hand or c
Buying a home is a huge investment, and few people have cash on hand to make the purchase outright. Most homebuyers work with a bank or mortgage lender to borrow money to buy their home.
Many first-time homebuyers are so laser-focused on figures such as purchase price, down payment, and mortgage rate that they don’t consider other significant expenses, such as closing costs. This over
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