There are pros and cons of putting down a bigger down payment on your new home and apartment.
Making the decision to buy a home is one of life’s biggest. And paying for it is one of life’s biggest expenses. “It can be very scary at first, being a single woman on one income and buying your first house. But there is something very empowering about it,” says Kylee Youmans-Driskell, a speech pathologist who purchased her first home on Cape Cod, MA, in 2014 at the age of 28.
Despite most home buyers’ expectations that a down payment must be 20 percent of the price of the house, the reality is that many people are putting down much less. In a survey of single female home buyers conducted by, 27 percent of respondents paid less than 5 percent as a down payment. Thirty-three percent of women surveyed paid between 5 and 10 percent, and yet another 19 percent put down between 10 and 20 percent.
The more money the buyer can put down, the less the lender will end up losing if there is ever a foreclosure situation. As a result, when buyers put down less than 20 percent of the total cost of the house, they are typically required get private mortgage insurance . This protects the lender in case you default on your payments.
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