I never understood why you shouldn't buy a house unless your planning on staying 5-10 years and have a 20% down payment. But now I do! Without a 20% down payment you will pay over 100k more in the long run (interest/fees, etc.) but most houses won't accumulate 100k in value until at least 5-10 years.
Wondering about your monthly payments for that new house? Our Mortgage Payment Calculator can help calculate your mortgage payments and amortization schedules, giving you a good idea of what to expect.
The first step in obtaining a mortgage loan is determining a mortgage payment budget. As a general rule, this budget shouldn’t exceed more than 28% of a person’s gross income. To learn more about preparing a mortgage loan application, take a look at this financial planning infographic.