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Anyone who is to purchase a home of their own, unless they are paying totally with cash, they will require help to secure financing in order to buy the house. The lending on real estate is a heavily regulated industry so a consumer will need the help of a mortgage calculator to determine exactly what they can afford. Before a prospective home owner heads out to make an offer on a property they need to first make a list of the things their future home needs: do they want it to be near a school, close to public transit for easy commutes to work. These are just a few considerations that must be factored in. The current minimum down payment that is required for financing is five percent, this is the bare minimum since the economic down turn there has been a heightened level of due diligence by underwriters to make sure that borrowers qualify. Speaking of qualifying the income of the would be homeowners is very important, lenders want to know that the people they lend to can handle the debts so with that in mind it is vital to have either a letter of employment or the latest salary slips showing the monthly income. Lenders use the income to determine what the maximum amount the person can afford is. Purchasing a home is the largest decision a person can make aside from who they will marry, however they must get all the facts to make the most of their money, this is how a mortgage calculator can prove very beneficial. When a person is considering their options professionals strongly recommend they speak with a qualified expert who will be able to guide through all of the steps involved, this is to ensure a safe and smooth transaction for all parties involved.
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