How Much Can You Save By Putting 20% Down???

Dated: March 18 2024

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Real Estate Trivia! 🏡 How much can you save with a 20% down payment? 💰
 
Making a 20% down payment can save you a ton in the long run because you avoid private mortgage insurance (PMI)! 🙌
 
PMI is an added insurance premium charged by lenders when buyers put down less than 20%. It protects the lender if you default. 💸
 
On a $300,000 home loan, PMI can add roughly $150 per month to your mortgage payment. That's $1,800 per year! 😱
 
Over a 30-year loan term, that adds up to over $50,000 paid in PMI premiums. 💵💵💵
 
So putting 20% down to avoid PMI can save you $50K+ over the life of your mortgage. Not too shabby! 💥💰
 
Moral of the story - if at all possible, you should scrape together enough for 20%. 💡 Your future self will thank you!
 
Let me know if you need help navigating down payments and avoiding PMI. Happy to help! 🏠❤️

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Wendy Anderson

When it comes to buying or selling a home, standing out is the key to success. Finding a professional who can think outside the box while remaining dedicated to your best interests is important during....

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