If you need assistance, please call 614-315-1946

Downpayments | The Wyatt Team at NextHome Experience Blog

Tuesday, April 7, 2020   /   by Lauren Wyatt

Which down payment strategy is right for you?

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.

THE UPSIDE

The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so w ...

Read More


  buying a home, home sale, downpayments

Corcoran Global Living
Lauren Wyatt
545 Metro Pl S., Suite 100
Dublin, OH 43017
614-315-1946

IMPORTANT LEGAL NOTICE AND DISCLAIMER: The information contained in this web site is provided by the listing agent or broker for the sole purpose of consumers' personal use and to assist consumers in identifying properties for potential purchase. This information is deemed to be reliable, but is not guaranteed. You should independently verify the information regarding property that interests you. Neither the listing agents/brokers nor Lauren Wyatt- Corcoran Global Living, shall be responsible for any typographical errors, misinformation, misprints or other mistakes. This information is subject to change without notice. All properties are subject to prior sale, change or withdrawal without notice. You should know that, given the volume of listings, delays in removing or posting listings, in correcting misinformation, or in supplementing information on this web site are inevitable. If you have an interest in certain properties, then please confirm their availability and facts as soon as possible. Neither the listing agents/brokers nor Lauren Wyatt- Corcoran Global Living make any express or implied warranties for any of the information provided herein to a potential purchaser of a listed property or any consumer. Copyright 2022, Lauren Wyatt- Corcoran Global Living. All rights reserved.
This site powered by CINC: www.cincpro.com