Should I Wait to Put Down a Bigger Down Payment?
Some experts are advising that first time and move-up buyers wait until they save up 20% before they move forward with their decision to purchase a home. One of the main reasons they suggest waiting is that a buyer must purchase private mortgage insurance if they have less than the 20%. That increases the monthly payment the buyer will be responsible for.
In a recent article, Freddie Mac explained what this would mean for a $200,000 house:
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