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Monday, March 21, 2011

Home buyer Tip – Mortgage Interest Rates, Down Payments, Mortgage Pre-Approval and more!

I just read an article by Preston Howard about how Higher Down Payments May Be the New Norm…Permanently. 

The article brings to light some interesting issues in the home mortgage market like in 2006 the average down payment was 4% and the new calls in Washington for higher minimum down payments. 

The major take away from this article should be simply if you are looking at purchasing a home talk with a knowledgeable mortgage lender early on in the process.

It is imperative you know if you can qualify for a loan,  what the upfront monies requirement will be and what your costs will be before you start looking.

By the way, there is a major difference between a mortgage pre-qualification and mortgage pre-approval.


Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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