Unraveling Down Payment Myths: What Homebuyers Need to Know
Debunking the Down Payment Myth: What Homebuyers Need to Know
Are you eager to unravel the truth about down payments? If you're gearing up to purchase your first home in the near future, here's some valuable insight on down payments.
The 20% Down Payment Myth
Contrary to common belief, it's often not obligatory to put down 20% when buying a home, unless stipulated by your loan type or lender. This revelation is a game-changer, potentially bringing your homeownership dream within closer reach than you realize.
What Experts Say
According to mortgage experts, while it's prudent to aim for a 20% down payment to avoid mortgage insurance, it's not an absolute necessity. In fact, the majority of homebuyers opt for a considerably lower down payment. Data from the National Association of Realtors reveals that since 2005, the median down payment has consistently remained below 20%, with most buyers putting down around 15%.
Why This Matters
So, here's the exciting takeaway: you may not need to save as much as you initially thought to embark on your homeownership journey. However, it's essential to conduct your own research and due diligence since loan requirements and lender policies vary.
Market Trends
Moreover, industry experts anticipate home prices to continue appreciating over the next five years, implying that delaying your purchase could result in higher prices down the road. With all this encouraging news, what's holding you back?
Next Steps
If you desire more information on current inventory and prices in your area, don't hesitate to reach out to my team and me.
We're here to help strategize your next move and turn your homeownership aspirations into reality. And remember, we love bringing homes and people together.
Unraveling Down Payment Myths: What Homebuyers Need to Know
Debunking the Down Payment Myth: What Homebuyers Need to Know
Are you eager to unravel the truth about down payments? If you're gearing up to purchase your first home in the near future, here's some valuable insight on down payments.
The 20% Down Payment Myth
Contrary to common belief, it's often not obligatory to put down 20% when buying a home, unless stipulated by your loan type or lender. This revelation is a game-changer, potentially bringing your homeownership dream within closer reach than you realize.
What Experts Say
According to mortgage experts, while it's prudent to aim for a 20% down payment to avoid mortgage insurance, it's not an absolute necessity. In fact, the majority of homebuyers opt for a considerably lower down payment. Data from the National Association of Realtors reveals that since 2005, the median down payment has consistently remained below 20%, with most buyers putting down around 15%.
Why This Matters
So, here's the exciting takeaway: you may not need to save as much as you initially thought to embark on your homeownership journey. However, it's essential to conduct your own research and due diligence since loan requirements and lender policies vary.
Market Trends
Moreover, industry experts anticipate home prices to continue appreciating over the next five years, implying that delaying your purchase could result in higher prices down the road. With all this encouraging news, what's holding you back?
Next Steps
If you desire more information on current inventory and prices in your area, don't hesitate to reach out to my team and me.
We're here to help strategize your next move and turn your homeownership aspirations into reality. And remember, we love bringing homes and people together.
We Love Bringing Homes and People Together.
