Saving for your Boston condo down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that's not necessarily the case. Unless it's specified by your loan type or lender, you don't have to. There are some home loan options that require as little as 3.5% or even 0% down. An article from The Mortgage Reports explains: "The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don't have a large down payment saved up, don't worry-there are plenty of options available . . ."
Make sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction. Bankrate explains: "Mortgage closing costs are the fees associated with buying a home that you must pay on closing day. Closing costs typically range from 2 to 5 percent of the total loan amount, and they include fees for the appraisal, title insurance and origination and underwriting of the loan."
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