Should Borrowers Wait to Save 20% Down or Buy Now? #realestate #homeownership #investment

Source:  MGIC Connects

While nearly 40 percent of aspiring homeowners believe they need to put down 20 percent on a home purchase, the average down payment was just 11 percent in 2016, according to the National Association of REALTORS.  Mortgage insurer MGIC has created a calculator that can show consumers whether they're better off waiting and saving for a bigger down payment or buying now with less money upfront.

No matter what the results of the calculator show, prospective borrowers shouldn't buy before they are ready and need to be comfortable not only with the mortgage payment but also the other responsibilities that come with homeownership.

Check out the full story here:  https://mgic-connects.com/waiting-save-20-payment-can-cost-homebuyers-money/

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