The initial payment for a mortgage in the United States dropped below 10%

Фото: Depositphotos

If you do not have the opportunity to pay a down payment on a mortgage in the amount of 20% or even 10%, it does not mean that you have nothing to do in the real estate market.

In the 2015 year, according to RealtyTrac, 26% loans were issued with down payments below 10% of the value of the house. The last five years, the number of US citizens who acquire low-cost real estate is growing rapidly.

As reported by ForumDaily, a mortgage in the USA record pricesthat is a good opportunity for citizens to refinance their mortgage loans.

If you want to buy a house, but financial savings are not enough, use the following tips:

1. Talk to a loan specialist

A consultant will be able to analyze your finances and tell you whether you are able to buy a house. The Department of Housing and Urban Development provides its agents throughout the country. Here are their list in different states.

2. Calculate the cost of private mortgage insurance

Insurance of mortgage lenders against default by borrowers provided by private insurance companies is required for any property buyer with a first installment of less than 20%. If you also take into account the monthly payments for mortgage insurance, it may be even more expensive than paying the 20% fee right away.

3. Set aside at least 1% cash

Experts recommend to save at least 1% of the value of your home in cash in case of maintenance / repair work or other unforeseen expenses. These include, among other things, your salary. For example, if you suddenly lose your job, it will be nice for you to have funds to pay off at least the six next installments on a mortgage loan.

Read also on ForumDaily:

Mortgages in the US record prices dropped

In the US, the number of defaulters in mortgage debt has sharply decreased.

Four reasons to buy a house in 2016

The unemployment rate fell to a minimum

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