"Tezerae Herbert explains that most loans now require a down payment of 3%-5%, which translates to about $12,000-$20,000 on a $400,000 home."
"Herbert outlines that a higher loan amount from a larger down payment affects the monthly payment, leading to increased costs over time."
"Average down payments are now around 7%, and there's no 'right' amount, as it depends on individual savings, income, and financial goals."
"It's suggested to use a mortgage calculator or consult a lender to determine the best financing options for budget alignment."
Down payments for home loans are now often 3%-5%, making homeownership more accessible. Tezerae Herbert provides examples showing the required down payment for various home prices. A 6% down payment can amount to $12,000 for a $200,000 home and $64,000 for an $800,000 home. An average down payment is about 7%. The type of mortgage, such as fixed-rate or adjustable-rate, impacts monthly payments and overall interest paid over time.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]