Is 20% down payment my best option? Mortgage Mondays #25

Is 20% down payment my best option? Mortgage Mondays #25. Mortgage Rate Spike (6/5/13)

Is 20% down payment my best option? Mortgage Mondays #25 video duration 2 Minute(s) 39 Second(s), published by Matt the Mortgage Guy on 04 08 2015 - 02:53:10.

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https://www.mattthemortgageguy.com 916-529-7600 Matt the mortgage guy, mortgage Mondays episode 25, where I answer the question, do I always want to put 20% down.

Mortgage Mondays episode 25 this is Matt the mortgage guy wanted to make a quick video to discuss where or not you should always be putting 20% down on a mortgage transaction.

I've come across this quite often, so I thought I'd make a video of a few scenarios the past couple of months where it truly didn't make sense for the clients to put 20% down and I'll give you an example to kind of illustrate this.
you know somebody that's got 70 thousand to their name that's all the money they have is buying a 300 thousand dollar house.

Now for them to put 20% down plus closing costs to purchase new house they would basically use up all the funds to their name in order to get a new house.

and because somebody says, you got to put 20% down, avoid paying mortgage insurance, you know they'll put themselves in a really tough spot, in my opinion having no money in the bank to avoid paying mortgage insurance.

Through talking with me, I advised this couple which they went ahead with putting 10% down they still got a great conventional mortgage they're paying 47 dollars a month in mortgage insurance. Now that's something they wouldn't pay if they put 20% down but in their case that's 35 thousand in the bank with a pregnant wife kid number 2 on the way a brand new house, far out weighs the 47 dollars a month their going to spent on the mortgage insurance and they agreed so that's how we structure their loan so, I wouldn't always assume you should've put down the maximum there's other things to factor in whether not you've got your emergency fund or if something goes wrong, and things in that nature.

So, fairly easy scenarios to run, and I encourage you to reach out if your thinking about purchasing, we can run scenarios for 3 and a half percent Down, 5%_down, 10% down, 20% down and really weigh the pros and con's of each
Matt the mortgage guy, mortgage Mondays.

This episode I talk about whether or not 20% down is the best option. In many cases the borrower needs to consider having an emergency fund and putting less emphasis on all thier money towards the home purchase. Like most mortgage questions this is very scenario specific and is worth discussing over with your mortgage professional. #20%down #SacramentoMortgage #DirectLender #SacramentoLoans #MortgageMondays #MattTheMortgageGuy #SacramentoLender #DownPayment