There are mortgage options now available that only require a down payment of 5% or less of the purchase price, but the larger the down payment, the less you have to borrow, and the more equity you’ll have in mortgages with a down payment of less than 20%.
Generally, they require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you also need money for:
- closing costs
- moving expenses
- repairs
- decorating
Read Also: What Is The Difference Between Fair Market Value, Appraised Value, And Assessed Value
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.
