Should You Put Less Than 20 Percent Down?

Рет қаралды 2,069

Caton Del Rosario - Millennial Mortgage Pro

Күн бұрын

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.

Пікірлер: 11

@vinceancheta 2 жыл бұрын

I was that person trying to save 20% for year just to avoid pmi, but realized it would deplete savings and 401k leaving me with a higher monthly payment since ill need to borrow from my 401k/roth and pay off that loan which is significantly higher than PMI. So putting down 10% and buying a new build in Roseville. Thank you for all the advice over the years.

@CatonDelRosario 2 жыл бұрын

Thats incredible and i'm so happy for you! When do you close on the new build? Roseville is a beautiful area, we have an office up there.

@vinceancheta 2 жыл бұрын

@@CatonDelRosario heading up there this weekend with my realtor dad to pick and choose and do walk throughs. Ill Keep you updated.

@YBLOY 2 жыл бұрын

Thank you or this video! I was definitely preparing to save 20% down and was seeing myself not getting a house for another 5 + years.

@CatonDelRosario 2 жыл бұрын

You're welcome! a lot of people don't realize how much sooner that they can start owning their first homes by putting less down!

@dorran962 2 жыл бұрын

Wow thanks alot! Just subscribed to channel and watching daily to gain knowledge! I'm new to this whole process so it's a lot for me to take in. I really would like to purchase a home or condo by the end of the year as well as get into the real estate industry asap. Thanks for the video, and keep me coming🙌🏾

@CatonDelRosario 2 жыл бұрын

Thanks for subscribing Dorran! Do you have any specific questions you’d like me to talk about in my next video?

@dorran962 2 жыл бұрын

@@CatonDelRosario not that I can think of at the moment..but when they come, I'll certainly bring them to you. Thanks!