Getting a mortgage nowadays without having to make a down payment is pretty much a thing of the past.  Other than FHA loans (which require a minimum of 3.5%), most lenders have tighened their requirements, with some  requiring a minimum deposit of  10% -- some as high as 20%.

As a buyer, however, you should recognize that there are definite benefits in making a larger deposit. For one, the larger the down payment you put on the home, the lower your monthly payments will be. A higher deposit will also provide you with far greater equity in your home. Later on, should you need to, you can borrow against this equity in the form of a line of credit or a home equity loan.  

A higher down payment will also earn you a lower interest rate, and if the payment is at least 20%, you won’t be required to purchase costly mortgage insurance..

Lastly, since most lenders are now requiring that you put some kind of cash down on the home, with a down payment in hand, you will be able to shop amongst more lenders. That means you can get a better deal on your mortgage and not have to worry about dealing with only those few people who will let you get by without making a down payment.

There are several ways you can come up with this money for buying a home in Westfield New Jersey. One way is to make use of your income tax refund. You could also create a monthly savings plan. You may also want to consider using the holiday bonuses you get from your employer or applying for government assistance programs. Putting up a sizable down payment is definitely worth some of the legwork it may take to get the funds together.

Homes in the Westfield New Jersey real estate market are great homes for anyone to live in. There's a vast amount of free information that can be found about Westfield New Jersey homes on the company website at www.livinginWestfieldNJ.com. With the help of agents like myself, you can get the assistance you need to find the Westfield New Jersey home of your dreams. You can call me on my cell phone at (732) 910-1301 or you can email me at peter.jordan@prudentialnewjersey.com