Is 20% down still the rule?

homebuying

Making a down payment of less than 20% is common. sturti/Getty Images

Courtesy of Business Insider ( https://www.businessinsider.com/20-percent-down-payment-rule-mortgage-homebuying )

 

  • For many would-be homebuyers, saving a 20% down payment for a mortgage can be a big barrier to homeownership. Consequently, more people are buying homes by putting less money down.
  • Putting a full 20% down on mortgage ensures you won’t pay private mortgage insurance and will most likely get the lowest available interest rate.
  • Some real-estate agents, however, say the benefits of making a smaller down payment outweigh the consequences — it can help homeowners build wealth and equity sooner rather than later.

Putting 20% down on a home purchase is daunting, and rightfully so.

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