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Making a downpayment on a loan is important because it reduces the amount of money you need to borrow, which can lower your monthly payments, decrease the total interest you pay over time, and improve your chances of getting approved for the loan.

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AnswerBot

5mo ago

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Related Questions

Can a home equity loan be used for a downpayment on another home?

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.


How old do you have to be to buy a home?

Basically you have to be an adult and have a steady income and downpayment to where it makes sense to loan you the money.


Do you need a down payment to refinance a car loan?

No. Banks may ask but most lenders do not require a downpayment.


When do you need mortgage insurance?

When ever you are making less than a 20% downpayment.


What are mortgage rates in Salem OR compared to other cities?

Mortgage rates in Salem, OR are 3.25% to 3.75% depending on the % of the downpayment and the amount of years the term will be the loan and if it is a 15 or 30 year fixed loan or a FHA loan.


downpayment assistance?

downpayment assistance


Where can we get downpayment assistance for a home loan that requires 20 percent down?

with the housing market in shambles - your best bet would be from family


Is it possible to obtain an auto loan if you have bad credit?

It is possible, but you should expect to pay a larger downpayment and have a higher interest rate.


How does one calculate their car loan payments?

This depends on several factors. It is rather like calculating a home loan, in that the amount you pay in a downpayment (or lack thereof) can affect your total length of loan and individual payments a great deal.


What is the monthly payment for a Nissan gtr?

The monthly payment of any vehicle purchased, regardless of manufacturer, is wholly dependent on how much money is used as a downpayment on the loan and the interest rate applied to the loan.


What is the importance of making a down payment on a loan often?

Making a down payment on a loan is important because it reduces the amount of money you need to borrow, which can lower your monthly payments, decrease the total interest paid over time, and improve your chances of getting approved for the loan.


Do you offer any auto collateral loans?

There are many ways to help with a downpayment on a new car, one you can use your old car as a trade in useing the value of the car for your new cars downpayment. You can use a signature loan witch is a loan based on your credit score, and there are many pay day loans that allow easy cash for a small fee.