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Posted by jueis on November 23, 2007, 7:01 am
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http://qs138.com/real-estate-law/mortgages/mortgage-down-payments.htm
Most mortgages generally require down payments as a firm commitment
from the buyer to the lender of the buyer's intention to repay the
loan. Some lenders will offer mortgages for 97% or 95% of the value of
the property. The borrower, then, is required to make only a 3% or 5%
down payment. Generally, when a mortgage is made with less than a 20%
down payment, mortgage insurance is required. Some lenders may be more
restrictive, however.
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