In order to continue securing a loan, a borrower pays this specific type of initial amount. 5% to 25% of the total loan amount is the paid amount, generally varying in range. Depending on the selected loan program and the borrower’s FICO score, a higher amount paid at the beginning will result in lower interest rate paid on the remaining amount of the loan. For example, a person requiring the loan needs to make an initial payment of $25,000 on a $250,000 loan amount if the minimum down payment for a housing loan to be approved is 10%.
What is MINIMUM DOWN PAYMENT?
Featuring Black’s Law Dictionary
Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified attorney.
- What is Racketeering?
- How To Get an EIN Number
- What is a Credit Freeze?
- The 14th Amendment Explained
- What is the Security Exchange Commission?
- Restitution Law – What it is, How to Avoid it, and Tips on Asking for It
- Should I Freeze My Credit?
- Living Will – The Pros & Cons You Need to Know
- What does it mean to be acquitted?
- Forming an LLC in Missouri
- What Is A Police Welfare Check?
- Best Way to Find Someone in Jail for Free
- How to Transfer a Car Title When The Owner Is Deceased
- How To Find A Name & Address Using A License Plate Number
- Best Way to Write a Professional Letter to a Judge
- What Can You Do At 18 Legally?
- How To Find An Inmate’s Release Date
- Signing a Letter on Someone Else’s Behalf
- Why Do Policemen Touch Your Tail Light When They Pull You Over?
- How Do You Look up License Plate Numbers?