Q: How much down payment should you pay when you buy a property? -Heather, Babylon, NY A: There are lots of people who say that when you buy a property you should put down as much of a down payment as possible—some people say 20%, 25%, even 50%. I understand why people like Suze Orman, for example give that advice—it’s because your monthly mortgage payment will be lower if you pay a bigger down payment when you buy a property—that’s very logical and makes sense. Unfortunately, everyone, particularly 1st time home buyers don’t have a 20% down laying around to put down on a property particularly in higher price real estate markets. Another thing to consider is that money that […]
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