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Should you put less than 20 percent down when buying your first home? It's a question that most home buyers ask. You've been told that 20 percent down is the tried and true minimum when buying a home, but can you put less than that down and still buy a home? On today's video I want to help you figure out when the best time to put less than 20 percent down on your purchase is, what the pros and cons of putting less down (or more down) is, and what you can do with that cash instead of putting a full 20 percent down payment on your mortgage.
Links:
When Should You Put Less than 20 Down on a House: www.moneyunder30.com/put-less...
Timestamps:
Intro - 0:00
Is 20 Percent Down Necessary? - 0:46
Pros and Cons - 1:16
Pro #1 More Money for Closing Costs - 1:28
Bonus Pro - Cover Appraisal Gap - 2:00
Pro #2 Less Cash at Risk - 2:25
Pro #3 Invest the Rest - 2:52
Con #1 Higher Payment - 3:22
Con #2 Mortgage Insurance - 3:49
Con #3 Not As Competitive Offrer - 4:11
When SHOULD You Put Less Down - 4:50
#1 Conserving Cash - 5:23
#2 Appreciating Market - 6:20
#3 If You Can Afford it - 6:40
#4 If You REALLY Need to- 7:10
My Opinion on Putting Less Down - 7:50
#firsttimehomebuyer #mortgage #realestate
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Boring legal stuff:
Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of American Mortgage Network NMLS 1833427 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.