One of the best ways to enjoy a smooth home buying process is to have a sizable down payment ready to go. That way it’s easier to qualify for financing and you have more flexibility for purchasing a home that checks most of the boxes on your wish list. How early should you start saving up for your dream home? As soon as possible.
Why Is a Down Payment Important?
While today’s lenders may offer loan options with minimal down payment requirements, there’s usually a direct connection between the size of your down payment and the amount of interest you owe. Many home buying tips recommend choosing as large a down payment as you can afford. This can save you a lot of money in the long run and possibly allow you to avoid paying for mortgage insurance.
