5% Down, 20% Down? Which Mortgage Makes More Sense?
The mortgage market is tight right now, but not so tight that you won't usually have a choice between a 5% or a 20% down payment on your home or refinance. Folk wisdom says to pay as much as you can in the down payment, then pay off the mortgage as fast as you can. And, to be sure, for many of my clients, that is the best decision. It is safe, secure, and comforting.
However, some of my clients are more inclined to take on some risk. With risk comes the potential for reward. And the reward in this case might be tens of thousands of dollars. The video that follows gives you the nitty gritty details of how to make that choice.