How Much Do You Need for A Down Payment?
How much do you actually need for a down payment? Today I’ll answer this common question.
How much money will you need to put down in order to purchase a home? Do you really need 20% down?
My answer to this question is no, you don’t need to put 20% down—unless you want to pay for private mortgage insurance! PMI simply protects the lender against loss should you default on the loan. In total, you should only need 3% to 5% of the purchase price of the home for a down payment.
If you have any questions about buying a home or real estate in general, don’t hesitate to reach out to me. I’d love to hear from you.