For many people who are planning on becoming homeowners, the down payment is quite a important aspect to consider. Understanding the needed amount needed for a down payment is crucial in order to asses affordability. We will explore factors that are known to influence down payments; as well as introducing you to one of the best real estate agents in Vancouver by the name of Shadi Ghayem.
The Path to Ownership
The Basics of Down Payments
A down payment is the initial contribution made by a buyer towards the homes total purchase price. This is a important component of the overall financing required for home purchases. Down Payment are expressed as a percentage of the price of the property.
Down payment amount is influences by many different factors. Factors such as including mortgage type, purchase price, and lender requirements. Having a conventional loan usually requires a a down payment of 20% of the purchase price. However, government backed loans such as FHA loans might have a lower down payment option, on average about 3.5%.
Advantages of Larger Down Payment Loans
Getting a larger down payment opens doors to several different advantages. Firstly, a larger down payment reduces the overall loan amount. This typically results in lower monthly payments. Above all, it might help to secure a lower and more favorable interest rate over the life of the loan.
Down Payment Assistance Programs
Buyers may be eligible for down payment assistance programs under certain circumstances. These programs are offered by the local government, non-profit organizations, and or employers.These programs were created to help people and their families to become homeowners by providing financial aid regarding the down payment.
Shadi Ghayem Realty
Your Trusted Real Estate Partner
With such a hectic market in Vancouver, having a trusted partner to navigate the details of down payments and home buying is important. Luckily, Shadi Ghayem has the expertise and knowledge to guide you and your families through this complex process. Shadi is a licensed realtor that has over 6 years of experience in development and construction. She is knowledgeable about building materials, sustainability and quality and can steer you in the right direction whether you’re looking to buy a brand new home or buying to build.
Tailored Solutions for Homebuyers
Shadi Ghayem Realty’s high quality services go above and beyond just finding you a home. Shadi will sit with and make this experience tailored to you helping you explore possible payment options. By going with Shadi Ghayem Realty you can ensure a smooth transaction process and make connections with reputable lenders.
Secure your path to ownership with Shadi Ghayem Realty. Reach out to them today for all your real estate needs.
Visit Shadi Ghayem Realty’s website at https://shadighayem.ca/ to learn more about their comprehensive range of real estate services and discover why they are the preferred choice for buyers and sellers in Vancouver.