Home loan mortgage: First time, low rates

Think of the LTV ratio when looking for a home loan mortgage. There are home loan mortgage options that only require you to have 5% of the value of your home for a down payment. We'll discuss this more below.

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Think of the LTV ratio when looking for a home loan mortgage. The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $100,000, you could borrow up to $95,000 (95% of $100,000), and would have to pay,$5,000 as a down payment.

There are home loan mortgage options now available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and - possibly - repairs and decorating.

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