The Realtor® Difference

The recommended down payment is 20% of the negotiated price when using a conventional loan, however, other mortgage options can range from 0% to 5%.

You can find your credit score on credit card or loan statements or by checking the three major credit bureaus: Experian, Equifax, and TransUnion.

A typical conventional loan requires a minimum credit score of 620. Need to raise your credit? Here are 3 ways to help improve your score.

PMI stands for "private mortgage insurance." If you were to pay less than 20% for the down payment, then this type of insurance automatically gets applied to your loan to protect the lender from defaulting.

While everyone's financial situation is different, what you can afford depends on your income, expenses, and the types of mortgages you qualify for.

To get an idea of what you might be able to afford, use our mortgage calculator here.

For lower interest rates but higher monthly payments, a 15-year loan gets paid off quicker. If you need more time, then the 30-year loan gives you lower monthly payments with a higher interest rate. You will end up paying more over the life of the loan for a 30-year loan.

Closing costs are fees associated with finalizing the purchase of a property. These can include:

• title insurance
• inspections
• appraisals
• prepaid property taxes

Closing costs typically range between 3% - 6% of the sale price and are not part of the down payment.