What is a down payment?
The Bankrate.com financial term of the day is: "Down payment."
A down payment is what you have to come up with when you want to make a big purchase such as buying a home or car. A down payment is typically a small portion of the total purchase price, and it reduces the amount that you have to borrow, if you're financing. With home buyers, lenders have traditionally required a down payment of 20 percent, but for an FHA mortgage, insured by the Federal Housing Administration, you need just 3.5 percent.
Better start lining up money for a down payment today, if you're planning to make a major purchase tomorrow.
To find the best mortgage rates, check the rate tables at Bankrate.com.
Have fallen gas prices given Americans a reason to increase their discretionary income?
Not all items at dollar stores are good deals. But here are five finds that can be bargains.
Here are some ways to get organic foods you want without breaking your budget.
Food costs eating up your budget? Try growing your own produce.
Planning, clipping and budgeting can save you money on your food bill.
Do you have a life insurance policy for your dependents? Is it enough?
You've still got plenty of time. Take advantage of tax-favorable vehicles such as a 401(k) plan and IRA.
Mortgage rates jumped for a second straight week.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
Feeling lost in the mortgage wilderness?