You don't have to put 20% down, but it can definitely help in a few ways.
Do you need 20% down to buy a home? We’ve been getting this question a lot and the answer isn’t as simple as yes or no.
There are lots of loan products out there that let you qualify with a smaller down payment. However, you may want to put down 20% if you can. As you probably know, we’re in a highly competitive market. Sellers are often getting multiple offers on their homes, so if you put 20% down, your offer might look stronger to them.
You can also avoid paying PMI, or private mortgage insurance, if you put down 20%. This would decrease your overall monthly payment by a little bit. You may qualify for a better rate if you put more money down as well.
If you have questions about down payments, mortgages, interest rates, or anything else real estate-related, please don’t hesitate to give us a call. We are here for you.