For decades, it was one of the few hard-and-fast rules when purchasing a home: put 20% down. A hefty down payment would help you build up equity faster, and make sure your mortgage was affordable.
What’s better – saving for a down payment on a house, or using that money to pay off debt? Find out here in this case study, as well as tips & exceptions.
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Most people have to borrow money in order to afford a house. No matter how big your mortgage is, though, you generally need to have at least some cash on hand for the down payment. Historically the rule was that homebuyers should make a down payment worth 20% of the home value.
The larger your down payment, the lower your home loan payment. The most effective way to save a larger down payment is to set aside a portion of each.
That doesn’t make it any less impactful, though. Your down payment plays an important and sometimes decisive role in whether you can close on your dream house – or, let’s be real, the best house you can afford on your budget. This is because your down payment is a key part of the offer you present to the seller. The general rule of thumb is simple: the larger the down payment, the stronger the offer.
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When you make a large down payment on your house, you’re effectively using your house as a savings vehicle. The larger your home equity, the smaller the interest you have to pay on the outstanding.
A big down payment is a smart way to keep your mortgage payments low – but not always. What’s the average down payment on a house? Find out right here.
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The amount of money you put down on a house has an effect on your mortgage payment. The more money you bring to the table means you’ll be financing less and have a lower monthly payment. Where Your Down Payment can Come From