The mortgage options obtainable to you will rely upon the kind of real estate you’re shopping for, your credit rating and your financial resources. Most mortgages require a down fee that generally ranges from 3.5 to twenty % of the home’s purchase value. Saving enough for a down cost can be a significant barrier to homeownership — for instance Technology News, a 20 p.c down fee on a $300,000 house is $60,000, a daunting sum for many. Purchasing real property, corresponding to a conventional single-family home, is generally facilitated by a licensed real estate agent, broker and/or legal professional specializing in real estate transactions. Rae Hartley Beck is a author and editor with over eight years of expertise in personal finance.