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Phone: 435-619-3422

Email: cmowery@infowest.com

Jul 10, 2015

Why is it important to put 20% down on a home?

 

Many people are at the point of their lives where they want to settle down and make their first big real estate purchase. One thing to keep in mind the is the importance of putting a down payment of 20 percent.

Here’s why.

You will have a greater chance of getting that mortgage if you pay 20%.

In today’s marketplace, if you do not come up with a down payment of 20%, then you will not receive mortgage from the majority of banks.

You will have a smaller mortgage payment.

Three words: smaller mortgage payment. This should be more than enough motivation to pay 20% down. The more money you put down, the smaller the payments.

You will have a lower interest rate.

A lower interest rate will save you thousands and maybe even tens of thousands of dollars over the life of the borrowed loan amount.

 

We hope this post helps you understand the importance of putting down 20% towards a home. If you would like to go over real estate options in southern Utah, please contact Charlie Mowery Realty.

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