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How much money do I need to buy a home?

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How much money do I need to buy a home?

Posted On: April 9, 2021 by Bank of Louisiana in: Budgeting, Mortgage, Personal Finance, Savings

With rates continuing to be low, now is a great time to purchase a home! It may seem daunting at first, but it’s a great experience and can be fun if you are prepared. Whether you are a first-time homebuyer or have purchased a home before, keep reading to see how much money you need to buy a home.  You may not need the full loan amount offered.  While you can get a loan for a large amount of money, you may not want to get that full amount. Think about all of your other expenses first and the salary you make. Be sure to break it all down and make sure the monthly payment isn’t going to be too much when everything else is added on.  Think about the upfront costs.  Closing costs can be around three to four percent of your loan or more and it’s nice to try to have a down payment anywhere from ten to twenty percent. If you want to avoid paying additional