Should You Put 20% Down When Buying a Home in Charlotte NC?

Should you put a 20% down on a mortgage when buying a home in Charlotte NC?

First of all, do you HAVE to put 20% down on a home? NO!

There are a number of loan options that do not require a 20% down payment – FHA, VA, USDA and even Conventional home loans all have options for home buyers that don’t require a down payment of 20%.

Now, if you have 20% to put down when buying a home – should you?

I don’t know and I cannot answer that for you.  But my STRONG suggestion will be to go thoroughly over your options with your mortgage professional so that you can make an educated decision on the best fit for you.

Weigh the pros/cons of the different mortgage options out there.

Would putting less money down and keeping more of the down payments funds in a more liquid form be a better option for you? Again, I can’t answer that for you but it’s something to consider and research before making a decision.

Real estate in Charlotte (or anywhere) and homes are NOT ATM machines.  If you lock up 20% down in that house you’re buying it’s locked in there for a while.

If you have 20% to put down on a home, please please please research and talk through the options available to you with your mortgage professional.  Ideally before you’re under contract 🙂

And if you don’t have a solid mortgage professional that you trust to go through and give you advice and support on evaluating options, ask me and I have some fantastic (and very customer service oriented pros) that I recommend.

When considering buying a home you shouldn’t be given a sales pitch, find a mortgage pro that will take the time to really listen, guide and support you so you can make the most informed choice possible!


Copyright©2012 by Diane McDermott, All Rights Reserved, “Should You Put 20% Down When Buying a Home in Charlotte NC?”


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

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