When buying a home, down payment in combination with other costs are associated with loan closing figures. Proper terminology is, cash to close, which consists of a down payment, closing costs and prepaids. But, let’s also remember the cost of inspections and sometimes immediate repairs or improvements that need done if the seller doesn’t fix them prior to closing. Earnest money is also necessary most times when your offer is accepted. Also, there are other costs to consider for when you move in; furniture, deposits to open utilities, like electricity or gas or water. It’s important to look at the big picture and not just the immediate cost to purchase a home. Mortgage money and all the factors involved with buying a home are important. Learn your options. Get educated. Ask us how.