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How big should I make my downpayment?
How big should I make my downpayment? If i can squeeze and put more than 20% down should I? I'm also worried about having a cushion if something breaks on the house.
Asked By Jerry | Franklin, WI | 269 views | Finance Legal Info | 1 year ago
Answer(3)
Chris Yochum
Dickson Realty
Its always best to have a bit of a cushion in case an unexpected issue comes up. The more down the better. If you can put enough down to do a 15 year loan is a huge savings over the span of the loan.
- 1 year ago
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Lisa and Greg Harris
eXp Realty, LLC
THIS IS a GREAT QUESTION! As a REALTOR I have seen very smart local lenders actually tell my clients to not put as much down because they may not be staying in a home as their forever home for more than 5-8 years and it does not make sense to put more money down when you can take that money and invest it in other areas for a bigger return! Also, there are recent changes to the lending regulations that may actually penalize some that are borrowing money because it could make your rate higher if your credit score is in a higher bracket. A good Local lender can give you specifics about these options based on the loan type and the amount that you are looking to finance and your credit score! So reach out to a good local lender to determine the best options.
- 1 year ago
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Agni Mitra
Keller Williams Arizona Realty
That is a very personal choice. In order to make a decision, talk to your lender and get all the information from them of the various scenarios you are considering in order to make an informed decision. In all cases, you should have an emergency fund of at least 3-6 months of expenses kept solely for any unforseen expenses, separate from the downpayment amount. Hope that helps.
- 1 year ago
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