Glossary

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Finance, Glossary

Down Payments: What Is It, and Why Is It Important?

While searching for the perfect home, one of the very first questions that most lenders, realtors, and/or sellers will ask concerns the percentage of down payment. What is a down payment, and why is it important? Quite simply, the down payment is the amount of cash the buyer will put towards the transaction. A higher percentage could equate to stronger negotiating power; or, it could give the seller increased confidence that the deal will go through smoothly. Each individual, however, has to ask how much does he or she need to put down and how much is he or she comfortable with… [read more]

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