One of the biggest and most exciting purchases that a family or individual can make is the purchase of a home. However, the purchase of a home is a huge investment of one’s personal finances.
This is because, typically, a large down payment is made and a binding contract is entered into. Typically, the down payment amounts to 5 to 20 percent of the loan and the contract calls for monthly payments over a certain period of time. Usually, this contract covers a period of 30 years.