Many buyers will see the charge for title insurance on the settlement sheet and wonder ‘what is this and do I really need it?’. Like many forms of insurance, you might pay months or years without ever using it and wonder if you really need it – until you need it. Then you are glad you have it.
Obtaining financing is one of the most important steps in the home buying process and the earlier you do it, the better. Everyone’s financial situation and goals are different, that is why it is not as simple as taking your monthly salary and taking x percentage of it to arrive at qualifying number. There are a variety of mortgage products available and the minimum amount of the down payment can vary from 0% for a VA loan to 25% down for a conventional loan for an investor.