Hi! Matt Padgett with Keystone Mortgage.
We get calls all the time from clients on how much should be put down. With conventional financing, you can put down anywhere from 3 percent of the purchased price to 50 + percent. A lot of people think that just because you don’t put 20% down mean you’re going to have mortgage insurance.
In today’s environment we actually have options where you don’t put 20% down, you still have options not to have mortgage insurance. What that’s called is ‘lender paid mortgage insurance’ and many times it results in a higher interest rate. However, it can make you have a lower payment which may make sense of you plan on being in the home 5 to 7 years or less. For details, give us a call 865.909.0211
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