Paying off a mortgage is a huge accomplishment, and it’s a cornerstone of financial independence. Homeowners who don’t want the shadow of a mortgage payment hanging over them for decades are.
In some cases, a large down payment can be a smart financial decision. In other cases, it can hurt you more than it helps. Here’s what you should know about your down payment options, and why a 20% down payment isn’t necessary to achieve homeownership.
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A down payment is the amount of cash you put toward the purchase of a home. It may be expressed as a percentage. For instance, it usually takes a 20 percent down payment to buy a home without private mortgage insurance. It may also be expressed as a dollar amount. As in, you have $15,000 available for a down payment.
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· Putting 20 percent down allows you to avoid private mortgage insurance. Also called lender’s mortgage insurance, PMI is extra insurance that lenders require from most homebuyers who obtain loans in which the down payment is less than 20 percent of the sales price or appraised value.
Greater likelihood of mortgage approval. The 20% down payment simply means that you will have greater likelihood of being approved for a mortgage at all. Many borrowers have one or two credit risks in their profile; but a down payment of 20% or more is. Disadvantages Of Fha Loans
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it protects the lender if you can't pay your mortgage; the lender usually chooses the. pmi paid monthly; pmi paid at closing; Piggy-back loan; 20% down.