You might be able to buy more house than you really need.
Rates and fees can vary greatly from lender to lender.
However, first-time home buyers can often purchase a home with a down payment of little to nothing.
Because expenses like the mortgage, taxes and insurance are just the beginning.
How to Save for a Down Payment If you have some idea of what a home that fits your needs may cost, it’s time to get serious about saving for a down payment.
The more expensive that home is, the more down payment you will need.
In this hypothetical situation, you would likely need to make at least a $300,000 down payment in order to make the purchase work.
The lesson here is don’t go buy a new car or make any major purchases on a credit card if you are house shopping.
Should you get a 30-year Mortgage?
If you are dead set on paying of your mortgage in 15 years (or less) consider getting a 30-year mortgage, but paying like it was a 15-year mortgage.