Should you put MORE or LESS money down?
Generally speaking, 20% down is the optimum minimum down payment. An 80% loan to value does not require mortgage insurance and typically guarantees the best rate for a primary residence.
Consumers may consider putting less down even if they have the 20%. IF their investments are yeilding a higher rate of return than the interest rate available to borrow. The best minimum down loan today is an FHA loan currently requiring 3% down payment.
In todays market, consumers should weigh the payment, interest rate and mortgage insurance options to help lead them to the right down payment decision.
Phaedra Wilson
Senior Loan Officer
6340 N. Campbell Avenue Suite 140
Tucson, AZ 85718
Direct: (520) 547-4148
Fax: (520) 547-4141
Cell: (520) 977-7247
Toll Free: 888-634-6399 xt. 224
phaedra@sunstreetmortgage.com
Tony Ray Baker
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Tony Ray
(520) 631-TONY (8669)
www.SeeTucsonHomes.com
Thinking of Buying a Home in Tucson?
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Tony Ray Baker, Realtor®: TonyRay@GayTucson.com
Licensed Real Estate agent in Tucson Arizona with RE/MAX Select
