If you are considering making a move to a smaller home, now may be a great time to list your property. Here's why.It's a sellers Market - The real estate market is hot right now in most areas
Do You Need A 20 Percent Down Payment
Dated: July 8 2021
Here is what you need to know about the benefits of making a 20% down payment.
LOWER INTEREST RATES - A larger down payment indicates the buyers' financial stability to lenders, so you are more likely to receive the lowest possible interest rate.
GREATER LEVERAGE IN A COMPETITIVE MARKET - When sellers receive multiple bids, offers that are secured with a higher down payment tend to be more appealing.
AVOIDING PRIVATE MORTGAGE INSURANCE (PMI) - This protects the lenders should the buyers default on the loan. PMI can be avoided with larger down payments.
However, the median down payment for a home buyer is well below 20%, according to FreddieMac.com. In 2020, the median down payment was 12% for all home buyers and just 7% for first-time buyers.
Options such as VA, FHA and USDA loans require low or no down payments for qualified applicants.
Executive Vice President of Sales Experienced Realtor, Karin Waterschoot-Perez, currently serves buyers and sellers located in and around Franklin County. With over 15 years of experience in the re....
Latest Blog Posts
As a result of remote work options and virtual learning over the past year, many buyers are eager to purchase properties just outside of big cities. These "spillover" housing markets tend to