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Down payment requirements vary based on the loan program, your credit profile, and the type of property you’re buying. Some loans allow down payments as low as three percent, while others may require more, especially for second homes or investment properties. Putting more down can help lower your monthly payment or reduce mortgage insurance costs.

The homebuying timeline can vary, but many buyers go from accepted offer to closing in about 30 to 45 days. The process includes finding a home, getting under contract, completing inspections, and finalizing your loan. Factors like market conditions, property type, or documentation needs can speed up or slow down the timeline.

Closing costs are the fees and expenses you pay when finalizing your home purchase. They typically include items like appraisal fees, title services, lender charges, and prepaid taxes or insurance. These costs usually range from two to five percent of the purchase price, depending on your loan and location.

A fixed-rate mortgage has an interest rate that stays the same for the life of the loan, which means your principal and interest payments remain predictable. This stability can make budgeting easier, especially if you plan to stay in the home long term.

An adjustable-rate mortgage (ARM) starts with a fixed rate for an initial period, then adjusts at set intervals based on market conditions. ARMs may offer a lower starting rate, but your payment could increase over time depending on the market.