Is a 20% down payment the standards in Union City NJ ?

By
Mortgage and Lending with TD Bank 466521

 

 

Is a 20% down payment the standard for first time home buyers in Union City NJ?

A 20% down payment is anything but standard. Making a smaller down payment does involve some form of mortgage insurance (MI) but not with some program. This is a fee that may be paid to limit the lender's risk when there is a lower down payment when buying your mortgage insurance (MI).

Our loans are available with as little as 3.5% down payment. The cost of the mortgage insurance maybe paid by the bank depending on the borrower's credit score and location. Borrowers with lower credit scores may be better off with an FHA loan. The disadvantage is that the borrower cannot cancel the MI for an FHA loan. The only way to get out of it is by refinancing into a conventional loan.

It is never a good idea to take up the first loan by the first bank that comes your way. Choosing your bank and then your mortgage plan is a critical factor, and not only does it affect your mortgage application but can also save you a lot of money. Choose a reliable and reputable bank and then go for a loan package that best pertains to your needs and requirements. 

 

Is a 20% down payment the standard for first time home buyers by Tony Busanich. A loan officer with TD Bank, a lender from Maine to Florida. Whether you’re purchasing or refinancing, we provide straightforward, easy-to-understand products and advice, allowing you to make smart borrowing decisions that meet your needs today and tomorrow. My web site at www.tdbank.com/tonybusanich. Please contact me at 732-306-2231 or by email tony.busanich@td.com 

 

Hope this help.

Comments (6)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you have enjoyed a very productive summer.

Have an outstanding September.

Sep 18, 2020 10:14 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thanks Roy you as well.

Sep 18, 2020 11:14 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Thanks Tony for the great information from your blog for us here in the Rain.  Make it a great day!

 

Sep 19, 2020 09:54 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thanks Will.

Sep 21, 2020 05:34 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tony, good thing our buyers are not required to put 20% down, or we would see so many fewer buyers!  Great post.

Oct 20, 2020 07:44 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Yes Joan, i can't agree more on that point. We're see more and more application with less then 20% down. Wish you all the best.

Oct 21, 2020 05:58 AM

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