Thinking about buying a home in Cornelius, Davidson, Mooresville, or Huntersville? One of the biggest questions buyers ask before starting their search is how much they need to save for a down payment. The good news: there’s more flexibility than most people realize. Here’s what RISMedia has to say about the 20 percent myth.
Do you need to put down 20 percent to buy a house?
Not necessarily. In fact, most buyers make lower down payments.
But putting down 20 percent or more does come with major perks.
A mortgage lender would consider you more financially stable and less risky.
That means you wouldn’t need to pay for private mortgage insurance.
You’d receive lower interest rates, too, which could save you thousands of dollars over your loan period.
With a larger down payment, you’d also likely stand out among your competition if a seller has multiple offers.
A 20 percent down payment isn’t necessary, but if you can afford it, consider these upsides.
Whether you’re ready to put down 20 percent or exploring other loan options, understanding your down payment strategy is one of the first steps to buying a home in the Lake Norman area. I’m called to serve and committed to helping you navigate the process with confidence — reach out anytime to talk through your options and start your home search.
Published with permission from RISMedia.
