Do I really need a 20% down payment to buy a home?
Posted On: October 28, 2025 by Prevail Bank in: Banking / Money Management, Home Loans
Do I really need a 20% down payment to buy a home? What is a Down Payment?
A down payment on a home is simply a percentage of the home’s total cost that a buyer has to pay up front at closing. Saving enough money for a down payment on a home can be challenging. This is one of the largest issues many homebuyers face when applying for a mortgage loan.
How much is required as a Down Payment?Minimum down payments are typically based on three sets of criteria:...
The truth: Is a mortgage pre-approval practical?
Posted On: September 17, 2025 by Prevail Bank in: Home Loans
A mortgage pre-approval is a conditional agreement from a lender to lend you a specific amount of money to purchase a home. This is all under the assumption that your financial documentation supports what was entered on your application when verified, your financial situation remains stable until closing, and the property you choose meets specific requirements (IE: Property appraisal).
Mortgage pre-approvals...
