Home Buyer Question: How Much Should My Down Payment Be?

This is a VERY common conversation with buyer clients: How much “should” I  put down on a house?

“Should” is a dangerous word in my opinion because it implies external factors and opinions when really, only you can decide what’s best for your situation and your future goals.

There are loan options with 3.5% down payments, 5% down payments, 10% or 20% or even more down payments.

I always encourage buyers to really evaluate multiple options with their mortgage professional and to weigh how pros/cons of each match up with their personal goals and circumstances. Also always a good idea to consult your tax professional and financial planner!

While I can’t answer which down payment will work best, especially these days I do suggest really looking at options other than 20% down. Why? Because that’s locking up a lot of cash in a non-liquid asset.

If 20% down makes the most sense for you, by all means go for it. I just encourage buyers to really take a look at multiple financing pathways to find the best one for them.

Oh, and if your mortgage contact won’t thoroughly review multiple scenarios with you: Find a different mortgage person to work with, immediately!!! Email me if you need recommendations, dmcdermottcharlotte@gmail.com

Copyright©2018 by Diane McDermott, All Rights Reserved, “Home Buyer Question: How Much Should My Down Payment Be?”

The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC, Heartfelt, Empowering Real Estate in Charlotte NC

 

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Single Women: Second Largest Category of Home Buyers

While traditional media and advertising may not indicate it, single women home buyers are the second largest category of home buyers in recent years.

Single women buyers (18%) have been outpacing single men home buyers (7%).

Single women include of course those who have never been married but also those who are divorced or widowed.

In my wide circle of friends some are married, some have never married, some are divorced (this is a higher amount than I ever realized before my own divorce!) and single, some are divorced and happily remarried.

Given a chance to go back and do it over again I can say that for myself I’d absolutely choose a ring with keys to my home over a diamond ring and the marriage I experienced. All day long. In fact in nearly two and a half years of being single I’ve at times stunned myself at how handy I am.

Joyfully divorced, I’m incredibly passionate about empowering divorced women home buyers, but am also passionate about ALL women buyers.

It just seems as though there’s a gap of communication directly to women considering buying a home, and it’s a different perspective for sure.

Single women home buyers have been on the rise and that’s a trend that I do think will continue. Whether you’ve never been married or are in the happily divorced category, you do NOT need a partner in order to successfully buy a home of your own.

Professionals that will educate, empower and communicate with you while looking out for your best interests are essential and will help make the home buying journey exciting.

I have been and continue to be so inspired by my single home buyer clients – serious badassery! I love working with you and keeping in touch as you make your house YOUR home 🙂

Copyright©2018 by Diane McDermott, All Rights Reserved, “Single Women: Second Largest Category of Home Buyers”

The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC, Heartfelt, Empowering Real Estate in Charlotte NC

 

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