SAN DIEGO, June 17, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that has become a trusted destination for current news and expert loan advice. The website strives to empower borrowers with first class knowledge, valuable resources and connections to the top rated industry professionals. In keeping up with the daily mortgage world happenings, Loan Love is now providing their readers with a useful new article which helps in better understanding conventional home loan down payment requirements in 2014 . Using this guide, home buyers can now be better equipped with the information they need when it comes to purchasing a new home of their dreams.
The experts at Loan Love understand that the biggest obstacle in becoming a home owner is a home's down payment, which is why their latest article, titled "Conventional Home Loan Down Payment Requirements (Quick Checklist)" helps potential home borrowers work out the all the financial bumps they might face. The article suggests that talking to a lender would be the first important step to finding out what qualifications are necessary for financing a new home . Every home buyer should also spend the opportunity to ask their lender questions on the down payment process before trying to qualify for a conventional home loan. Loan Love's article continues on by saying:
"The down payment represents a percentage of your home's selling price and is paid upfront as opposed to being financed. It is due when you close on your home mortgage loan.
From a lender's perspective, a down payment shows a prospective home owner has some skin in the game. So from your lender's standpoint, it is extremely important. It shows you are able to make a personal investment in your home."
Keep in mind that the size of a down impact will have direct effects on a loan, such as the interest rate of the loan and whether or not private mortgage insurance will be required or not. The article also makes note of the fact that a home's down payment can vary from house to house, being anywhere from 5 to 20 percent. Finding out the different requirements of each loan program will be an important move when making a down payment for a home.
If the down payment necessary for a loan program is beyond a home buyer's financial reach, Loan Love recommends other alternatives: "If you don't currently have enough cash in your bank account to make the amount of down payment necessary for your loan program, you have probably already begun considering other sources, such as borrowing from family or close friends.
Your real estate agent can also be an invaluable resource for helping you pull together the down payment. He or she may know about sate and local housing incentives that are available to you, as well as special loan programs or grants.
Before counting on these sources, however, it's wise to check with your bank, credit union or mortgage broker to be sure the source of your down payment is still in compliance with loan rules.
"To learn more on conventional home loan down payment requirements in 2014, please visit LoanLove.com to read the complete article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, email@example.com
News distributed by PR Newswire iReach: https://ireach.prnewswire.com