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ABOUT THE AUTHOR
PLEASE VISIT MY SITE
HTTP://INSURANCE.JIMDO.COM
Fatima graduated with a Bachelor's degree in Economics from ColumbiaUniversity and received a Masters in Economics from Singapore NationalUniversity. Fatima comes from a political background, her father Mir MurtazaBhutto - an elected member of Pakistan's parliament - was assassinated bystate police in 1996. His sister, Benazir Bhutto, was Prime Minister at thetime of his killing. Fatima is the author of two books, understanding thefinancial system published when she was 15 years old and basics of debtmanagement. Both were published by Oxford University Press.Fatima currently writes a weekly column for Pakistan's largest Urdudaily newspaper, Daily Jang, and its English sister paper, The NewsInternational. Recently She has completed her MBA in Finance from HarvardUniversity in 2006. Her diary from Tehran is the second the papersprinted; Fatima also wrote a weekly diary from Lebanon .
 
 The True Cost Of Having A LowerMortgage Down PaymentFATIMA BHUTTOFirst-time homebuyers often havedifficulty coming up with a down paymentfor a home loan. This is usually due totheir age and income. While thesehomebuyers often qualify for a mortgagebased on their income, debt level, andcredit history, they would be denied if lenders held them to a specific downpayment requirement.Many lenders recognize this and havebegun extending mortgages tohomebuyers that are not able to pay thetraditional 20 percent as a downpayment. Not having to come up with somuch money for a mortgage downpayment is a good thing for home buyers.It removes much of the pressure from
 
having to save up such a large amount of money to purchase a home.What many lenders fail to mention is thatnot having a mortgage down paymentcan cost the homebuyer in other areas of the mortgage. Often the costs aredisguised in a way that keepshomebuyers from realizing that they havebeen added in because of the lack of adown payment.Increased Interest RatesSome lenders make up for the lack of amortgage down payment in a higherinterest rate. A lender can legitimatelydetermine that you are at a higher risk of defaulting on your mortgage based onthe lower down payment. In fact, there isa direct correlation between the amount ahomebuyer pays in mortgage down
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