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Down Payment
Saving for a down payment on an auto loan or mortgage is a wise thing to do. While conditions are now more flexible than ever before, many banks still require a down payment to secure a loan or mortgage. This is especially true if your purchase is going to be a sizeable one, and the down payment is the bank's way of receiving assurance that you can afford the transaction.
The down payment for a home mortgage is typically in the three to five percent range, but may be higher depending on the conditions of the mortgage. Often young couples and first time home buyers enlist the financial help of close family members to put together a down payment the bank will accept.
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