Should I Wait to Put Down a Bigger Down Payment?

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Some experts are advising that first time and move-up buyers wait until they save up 20% before they move forward with their decision to purchase a home. One of the main reasons they suggest waiting is that a buyer must purchase private mortgage insurance if they have less than the 20%. That increases the monthly payment the buyer will be responsible for.

In a recent article, Freddie Mac explained what this would mean for a $200,000 house:

Difference Between a 5% and 20% Down Payment | Keeping Current Matters

Source:

http://www.keepingcurrentmatters.com/2015/08/26/should-i-wait-to-put-down-a-bigger-down-payment/?utm_campaign=Blog_Promo&utm_medium=Social&utm_source=Facebook&utm_content=dailyblogpost