Bradenton Real Estate

November 9, 2010

Your Home Mortgage Down Payment – Bradenton Real Estate, Mortage Information

Your Home Mortgage Down Payment

Bradenton Real Estate, Mortage Information

BRADENTON MORTGAGE INFORMATIONDo you have the money for a home mortgage down payment and closing costs?

The down payment for a home mortgage is a percentage of the value of the property that you’ve identified for purchase.

Freddie Mac says the percentage will be determined by the type of mortgage that you select.   Home mortgage down payments, as a general rule, range from 3 to 20 percent of the property value.

You may also be required to have Private Mortgage Insurance  (PMI or MI)  if your down payment is less than 20 percent.

Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed in addition to any other settlement costs. You can generally expect to pay between from 2 to 7 percent of the property value for mortgage closing and settlement costs. As a home buyer, you will receive an estimate of these costs in a ‘Good Faith Estimate’ or ‘GFE’  from your lender after you apply for a home mortgage.

Having a substantial mortgage down payment will open up more house buying options for you.   Getting pre-approved will also put you in a great position to purchase from the best homes.

Contact THE SERENA GROUP for – Bradenton Real Estate Information, and for recommendations for mortgage lenders for the Bradenton, Sarasota, Manatee and Sarasota county areas of Florida.


Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Blog at