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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About dianemcdermott

Diane is deeply passionate about serving single and divorced women home buyers, first time home buyers and new to the area buyers navigate the Charlotte area home buying process. Having navigated separation and divorce she has deep respect for the stress of transition and need for a home living situation that supports and nurtures. She connects and guides clients as they navigate the home buying process, transitioning to a space they'll love calling home. McDermott Real Estate
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