When I started Mylendingplace over 3 years ago, I decided I wanted to do “good loans”. Or Home loans that really helped people move forward toward their overall financial goals. Remember, a mortgage is either a 15-30 year debt instrument or a financial tool. It can be a 30 year debt loan or a tool to bigger, better things like getting out of debt, saving for college, retirement.
Any licensed mortgage person can do a home loan, it’s how the mortgage is constructed or designed that’s important. In this post, let’s explore the question “how much is the right amount to put down on a home.”
Let’s compare the following: 80/20 loans (100% financing) or 10% down home loans. (more…)
