How Much Should I Save for a Down Payment & Closing Costs?
This will largely depend on the type of loan you have. Some loans require at least 15% of the property’s price and others don’t require a down payment at all. The more you have to put down, the lower your monthly payment will be regardless of your loan type.
What Are Closing Costs?
Closing costs are in addition to any down payment you have. These costs account for approximately 3-5% of your mortgage loan. It is important to discuss your estimated closing costs with your lender. They will be able to advise you on what you can expect based on your personal circumstances.