Saving for the Down Payment

Bankers Trust has been in the business of financing mortgage loans for many years. Generations of consumers have trusted the bank to help them navigate the sometimes treacherous waters of new home ownership.

Your Bankers Trust loan officer can explain the different ways the amount of your down payment will affect your mortgage loan and how it is financed. You can also do some calculations yourself using an online mortgage calculator. Just visit your favorite online search engine and type in “mortgage calculator” to find one free for use – there are actually many sites that feature several different kinds.

While consumers might appreciate the fact that a bigger down payment means smaller monthly payments and expensive mortgage insurance, Bankers Trust encourages consumers to make saving for their down payment a priority.

The Internet can be a good resource for finding new ideas about how to save money. There are message boards and web sites full of ways, both big and small, to make a dollar go further. First-time home buyers can also talk to a tax professional about withdrawing money for a down payment from their individual retirement fund. First time buyers who meet certain criteria will find it rewarding to learn the can do so without a tax penalty.

The Federal Housing Authority also works with home buyers who are unable to come up with sufficient cash for a down payment. The Authority provides insurance to the lender that they are protected even if the consumer defaults on their loan. As an important member of the banking community, Bankers Trust urges consumers to be proactive and investigate all the options available when it comes time to finance their home mortgage loan.