Sample issue

Hi there,

This month's step: plan for closing wire fraud now

Scammers send emails that look like they're from your title company with "updated" wiring instructions. The money goes to the scammer, and it's very hard to get back. Decide today: you'll only wire money after calling a phone number you already know, never one in an email.

More in Closing wire fraud, or see how long your savings will take with the down payment savings calculator.

This month's term

Loan Estimate: a standard three-page form lenders must give you within three business days of applying. Because every lender uses the same form, it's the easiest way to compare offers. See The Loan Estimate and Closing Disclosure.

Reader question

"Do I really need 20% down?" Not always. Some conventional loans allow 3% down for eligible first-time buyers, FHA allows 3.5% with a 580+ score, and VA and USDA loans may allow 0% for eligible borrowers. Less down usually means mortgage insurance. See Down payment options compared.

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