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All agents are NOT alike! Find out why I am a top real estate expert. Call me: 203-319-3403.
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I add my newest homes and other real estate listings to this web site first. It can be some time before they appear in the MLS.
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Melanie Smith is one of The Top Selling Real Estate Experts™
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Buying Your First Home? Real Estate Agents Are Your Professional Guides. You might be a bit afraid or intimidated by the whole process of buying your first home. As a Fairfield, Westport, and Weston real estate expert, it's my job to guide you, from beginning to end. I will take the time to go through each and every step of the buying process. There are no dumb questions! Together, we will consider: - How much can you really afford? - How to qualify for a mortgage. - How much cash you should put down. - How to buy a home with little or nothing down. - What it takes to get approved for financing. What banks and other financial institutions are looking for. - How much your payments will be. - The tax advantages of buying. - Is renting or buying better for you? Tell me a bit about your situation below. I'll get right back to you. There is absolutely no charge, and I offer this to you with no strings attached.  New to the home buying process? Tell me your concerns. Ask me questions. It's my job to help! There's no obligation, and I promise to get back to you quickly...
First Time Buyers >The Down Payment
Perhaps no single decision in a real estate purchase has more variables than "How much money do I put down?" Conventional wisdom centers around either putting down as much as you can or as little as the lender allows.
If you put down a large payment, you get some leverage with the lender, such as little or no mortgage insurance, a good equity position, and perhaps a preferred mortgage deal. You will also have lower mortgage payments. One potential disadvantage of a large down payment is that you will be using after-tax dollars on which you could be earning interest. You will also have less tax-deductible interest.
When you buy a home with a low down payment, you will have more tax deductible interest, and your investment value percentage will increase faster. You will have little equity at the outset, and your monthly mortgage payments (and perhaps your interest) will be higher. However, you will also keep more of your own money in hand to potentially earn more interest in other investments.
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| Q |
Where will you find the world's largest indoor waterfall?
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| A |
The lobby of the International Center in Detroit, Michigan has a waterfall of 114 feet, backed by 9,000 square feet of marble. |
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