Benefits of 20% Down Payment on a House | Repeat vs First Time Buyers
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- Опубликовано: 9 сен 2024
- Should you put 20% down when you make your next home purchase? There are quite a few benefits of 20 percent down payment.
I've covered the fact that you do not need 20% down but sometimes it just makes sense. But it depends on many factors, all of which should be considered when deciding on the amount you'll put down. In fact, sometimes a 20% down payment is required.
Your decision on down payment may depend on whether you're a first time buyer or move up buyer with equity you can roll over into the next home.
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I am currently being curious to learn what to expect: so paying off school debt(cards, and loans), and rebuild my credit thru the process. Eventually i hope to get a 3:2 with ability to build onto later, plus have garden space, etc... within a 185k setup, 20% is 37k now thats also just on the listing price, but it gives me a guideline to get on track. I am just praying I dont have any hiccups that have to take my house savings as its going to take a few years as I plan it to be my forever house when i make the move.🙏🏻💕
Awesome info. Thank you
You’re welcome.
I'm currently saving 20% for 300k, my credit score 770, my debt to income ratio is really good, I'm about to put 2 years in my job. I'm a first time home buyer. Any other tips you can give me before I try to buy a house?
Although saving for 20% down may have some benefits there may be benefits of a 10% or 15% down payment instead. Each person's situation is a bit unique. What state are you planning your purchase?
Texas, San Antonio to be exact. either way I still want to have 20% down just in case. My goal is to have a nice 4 bedroom house with low monthly payments, so I can finally leave oilfield and live comfortably
My suggestion would be to get in touch with a Mortgage professional to help with the planning steps. There may be things that they can to set you up for success once you have your 20% saved. The last thing you want to do is be "ready" to go and then realize there is something the lender requires you weren't aware of.
Ok thank you for the advice
better to rent in California for $1800 for a 1 bedroom?? or buy a 2 bedroom mobile home for $975 a month mortgage?? all these youtubers talking me out of buying a house but do yall factor in the people who live in California??
I am not licensed within the state of California so I can not speak to mortgage qualifying or the comparison of renting vs buying in CA. I would suggest finding a RUclipsr that does focus on CA for the information you are looking for.
@@wynn-team so when u made your youtube your only reaching out to viewers in your state?? 😢 damn nvr got the run around from a youtuber frustrating
What about fact that tax ins escrows can be waived with 20% down?
Good point. Although that is not always the case as it depend son the loan program and the lender. Not to mention that some people do not consider waiving escrows as a "benefit" due to the added work associated with managing those payments, rather than letting the lender do it. And, in some situations, an additional fee may be incurred to waive escrows.
Imagine getting that magic 20% number and then the bank just tells you that you need 30% 🤣🤣🤣 I don’t care my rent is MORE than this stupid mortgage and it’s getting impossible for normal people to buy a house. There are no houses in my area for $300k. I literally have enough for 25% on a 400k home and was just denied. I’m done with houses fvxk it
Why would they tell you that you need 30%? Homes are expensive. So is rent. And it will keep going up. Ultimately it comes down to what’s best for you and what you want. For those that want to buy, there is a way to make it happen but compromises may be necessary.
Sounds like a horrible idea. All that extra money you put towards the down payment could have been put in the stock market instead. Your gains will far exceed the interest rate discount you get on the mortgage.
Financially, I agree. The return you can get on your money in the market is likely far greater than what you would save with a down payment, even if MI factored into a payment. But there is a lot more to consider in terms of financial goals and objectives. Some are willing to ride the ups and downs of the market but others want a guaranteed return (i.e. paying down their mortgage). We help people to see the numbers so they can make an informed decision that is best for them to meet their goals.