When buying a new house, do you usually pay a down payment before applying for a loan?
Generally, a down payment is required before handling a loan, because the bank must first know whether the borrower has the ability to pay the down payment. Down payment is also one of the important factors to measure whether a buyer can buy a house. If the bank is approved, they will go to the bank to handle the loan procedures with invoices, purchase contracts, ID cards, household registration and other related documents.