Most consumers need to borrow some of the money needed to purchase a home, but lenders will seldom provide it all. Usually, they require that borrowers provide some of the money out of their own resources. This is called the "down payment requirement." The questions about down payments shown below have all been posed to me by prospective house purchasers.
Do you fork over cash to a landlord in exchange for freedom of responsibility for residential maintenance, or take out a mortgage and shell out monthly for the pride - and the eventual financial payoff - of homeownership?
PHILADELPHIA - Tom Sauerman and his wife, Sue, are still active in their Philadelphia neighborhood and continue to be members of its seniors club. He is a former president of the its community council.