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. A new article from the website continues to provide top notch info that can help readers in their loan process with a guide to mortgage down payment requirements for conventional loans.
This new guide says, "If you're ready to look for that next new home, it's a good idea to get your financial house in order first. Sitting down with a lender not only helps you understand the qualifications necessary for financing, but also provides you with the opportunity to get questions answered about the entire process, such as conventional home loan down payment requirements. Often, a down payment is the biggest hurdle standing between renting and home ownership. If you will be seeking out a conventional home loan, there are a number of things to keep in mind as you consider pulling together funds for your down payment."
The article says, "There are a number of things to take into account when deciding how large of a down payment you are able to put toward your home purchase. One important consideration is your loan-to-value ratio, which decreases as your down payment increases. This figure represents how much you owe on your house after your down payment is applied. In other words, it's a percentage that reflects the ratio between your home's unpaid principal and the appraised value. A lower ratio is favored. The higher your down payment, the lower your ratio will be."
Read the full story at http://www.prweb.com/releases/loan-love/mortgage-down-payment/prweb11958280.htm
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