Should I Wait to Save Up 20 Percent Down Payment?  The answer may surprise you.

Good question At Home Kansas followers! If I save up until I get 20% down payment before buying a house I will avoid paying private mortgage insurance (PMI) which is an extra monthly fee of 0.25% to 2.0% of your total loan amount. Now at first glance, 0.25% to 2.0% which is the lower 0.25% amount if you have just short of the 20% down and is the higher 2.0% amount if you don’t have very much or no down payment. How much is this amount? On one loan I had $57 PMI per month when I had 17% down payment.

So, should I wait to save up 20% down payment? I personally did not wait even though I was very close with having 17% down. This was my thinking.

1) I cannot start building wealth on that house until I buy it.

2) Interest rates are climbing higher.

3) House prices are climbing higher.

4) I have no tax savings when renting and I have tax savings when I buy.

5) Inventory of houses is declining in this current real estate cycle we are in which should continue at least for the next three years so if you are waiting for more houses to come on the market, that probably won’t be happening in any large numbers.

In my mind, this makes the answer a resounding no!!

Do not wait until you have 20% down payment to buy a house.

Whether you are a first time home buyer, whether you have bought more than one home, or whether you are an investor, the answer is buy now rather than saving up for a 20% down payment.

If you are a veteran or if you are willing to buy in a town with under 20,000 population or out in the country then no down payment is required at all and your closing costs can be included in the cost of the home.

Therefore, in these instances, you do not even need any money for a down payment.

Of course, you should never borrow money if you have money you can use for any down payment but again, the key thing is to buy now rather than waiting.

Let Rob Lang, At Home Kansas, 785-393-2274 help you 1) Evaluate your needs, 2) Get you started with a loan officer, 3) Get you set up for email alerts so you don’t miss out on a single house, and 4) Get you the value of what your house is worth if you have a house to sell. Call/text 785-393-2274 now.

Search for homes from all 3 MLS’s (Multiple Listing Service) that service northeastern central Kansas (Rob Lang covers these 34 cities) including houses for sale in:

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