10 Important Questions To Ask Before Buying a House

Historically, 20% was the magic number for a down payment, but depending on the type of loan and your own unique situation, you might be able to put down as little as 3% -- and when it comes to money paid out of your pocket, less is more, right? Also, you'll have to pay for private mortgage insurance if you put less than 20% down -- and don't forget that a higher down payment will lower both your debt-to-income ratio and your monthly payments. The higher the risk, the more you'll pay for mandatory flood insurance, and the more likely it is that the home has already experienced water damage in the past.

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