Whether you are a first time buyer or have been within the circle before, buying a home is a tiring process. Moreover, if this process involves a home loan, then you have to deal with bulky paperwork and unaccountable legal formalities. Yet amidst all this you can get hold of one thing that is the loan jargons.
The jargon involved while availing a home loan can be confusing. So if you are ready to take a home loan, here are some terms that may help you in your process.
1)Down Payment- When buying a home the bank does not loan you the entire cost, banks give you 80% of the property cost. You must pay at least 20% of the remaining amount to the builder/seller; this is your down payment. [Read more…]