Posts from June 4th, 2026

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June
4

Most people can't afford to pay for a home with cash. Rather, they must qualify for a mortgage, which is a home loan, typically from a financial institution. A mortgage is made of three components:

  • Down Payment - This is the amount of cash you bring to the purchase. Typical down payments range between 3% and 20% of the home's price - the higher the down payment, the lower the mortgage. On many conventional loans, a down payment of 20% or more allows you to avoid private mortgage insurance (PMI), which can add a meaningful amount to your monthly payment. PMI costs vary based on loan size and other factors, so it's worth asking your lender how it would apply to your specific loan.
  • Monthly P...

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