I recently received this from a friend of mine that is a lender. I thought you might find it useful and informative. I'll break it up into nine sections, so please check back in a few days for the next part. If you missed the previous  parts please read them as well. I think you will find them informative. I apologize I'm not sure where it came from originally, so if you have seen this before and know where it came from please let me know so I can give credit to them. 

Some bankers and mortgage brokers may not be happy to hear me tell you these things. But you need to know them so you don't get unpleasantly surprised or pay too much when you finance your home                             

•3.     Not knowing how much you should borrow... or pay cash for... when you

buy or refinance your home.

Many people often pay cash or invest 20% down payment equity, or more, in their home. The reasons for doing so range from...

"The bank required us to." 

 "That's what we've always done"

"We wanted a lower payment."

"We thought it was better for us to just pay cash for it."

The problem is:  these reasons can cost you thousands of dollars!

What's best for you, is the amount of down payment or equity that will end up keeping the most money in your pocket.

It might be 5% down. Or 30% down. Or whatever.

Would It Be Better For You to Invest The Money

In Your Home... Or Somewhere Else?

The right answer is always going to be different for each person or family. Again, a simple financial calculation SHOULD be done to tell you what would create or save the most money for you.  What's most important is, do NOT make the most common mistake we see so many people make.

You can read all 9 Mistakes at  http://www.uthomelist.com/custom1.shtml