It's a Common Question -
Do I Need a 20% Down Payment to Purchase a Home?
The Millam Real Estate Group tackles this topic and often misconception of the home finance process. Lori Millam explains when and if 20% is required and when it may not always be in your best interest.
There are times when putting only 3% or 10% is in your best interest. In fact, Lori breaks down a scenario where, under qualifying home loan programs, if you were to put 3% down at time of closing you could use any extra cash you had to free your daily budget & cash flow for other commitments, or toward other home improvements which only helps your home's value over time.
Allowing a natural progression of a conservative 2% equitable annually over the next 5 years could still yield you a significant equitable position from your closing date.*
So, before you make any assumptions about what you can and cannot afford, or what you may or may not qualify for, make sure you contact the Millam Real Estate Group to help you better understand your position and buying power.
*Every market is different. Every home is different. Contact Lori Millam for more about current market statistics or a home market evaluation when you're ready to sell.
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