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Lake Havasu Housing Market | Coldwell Banker Realty Blog

Thursday, April 21, 2022   /   by Steve Ticknor

Which Down Payment Strategy is Right for You?

You’ve most likely heard the rule "save up for a 20% down payment before you buy a home". The logic behind saving 20% is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders. But there can actually be financial benefits to putting down a small down payment—as low as 3%—rather than parting with so much cash upfront for your Havasu home purchase even if you have the money available.
Which Down Payment Strategy is Right for You?
The Downside
The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance (PMI) for years. The lower your down payment, the more you pay. You’ll also be offered a lesser loan amount than borrowers who have a 20% down payment, which will eliminate some homes from your search.
The Upside
The national average for home appreciation is about 5%. The appreciation is independent of your home p. ...

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Coldwell Banker Realty
Steve Ticknor And Bob Ulery
2148 McCulloch Blvd N #105
Lake Havasu City, 86403
928-302-6177

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IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.
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