{"id":2554,"date":"2022-08-22T23:12:00","date_gmt":"2022-08-22T23:12:00","guid":{"rendered":"https:\/\/toplevelhomeloans.com\/?p=2554"},"modified":"2022-08-22T23:13:20","modified_gmt":"2022-08-22T23:13:20","slug":"do-i-need-20-down-payment-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/toplevelhomeloans.com\/en\/do-i-need-20-down-payment-to-buy-a-house\/","title":{"rendered":"Do I need 20% down payment to buy a house?"},"content":{"rendered":"
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Do I need 20% down payment to buy a house?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you’ve heard that you need 20% down to purchase a property, that is not true at all, and if you still believe it, I’m here to explain why it might not be the best course of action. If you have never been to our page, my name is Miguel Gomez, I am the owner of Top Level Home Loans and here we give you strategies and tips on how you can obtain that home loan.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Now, like I said, having 20% isn’t a bad idea if you have the means to collect the money, and if you do, you’ll undoubtedly be able to reduce your monthly payment, but it’s not required.<\/span><\/p>

There are systems out there that will allow you to do it for much less, ranging from 3% to 5%, and then there are those services that would allow you to finance those items at 100%.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Therefore, Utah’s typical home price at the moment ranges between $400,000 and $450,000.<\/span><\/p>

You’re looking at somewhere between $80,000 and $100,000, including your closing costs, if you do decide to save up 20% of that.<\/span><\/p>

That’s a lot of money, and not many people have it, and even if you do, getting there will take time; it’s not something that happens overnight.<\/span><\/p>

The reason why waiting until you have all of this money may not be a good idea is because homes appreciate in value.<\/span><\/p>

Remember that every year that property is worth a little bit more; it is increasing in value. In Utah, the average home price increases by about 5% per year, which means that you’ll have to save up a little bit more each year to be able to get that 20% discount when you go to buy.<\/span><\/p>



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If you say anywhere between $12,000 and $20,000, you can still make a purchase and start gaining on the appreciation of the property right away.<\/span><\/p>

Keep in mind these are averages of the values of the property, so what it means is that not every single year you’re going to get this, but on average, it’ll go up and down and you’ll be able to gain that over the long term.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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When purchasing your first home, a home to live in, keep in mind that it is always or almost always a used or long-term investment. So it’s not this craziness that happened a year, two years ago, where you buy a house now and doubts are 20% higher a year later. Don’t expect that; 5% is the average, and with that hung up at 5%, even if you have $20,000 right now to get into a home, it’s far better to do it now, because that home will still increase in value.<\/span><\/p>

So I hope you found this information helpful, please continue come back to a pages will continue to give you information of how you can obtain that home loan.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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We appreciate you joining us and hope you learned some useful information and methods. Please consider subscribing to our newsletter or YouTube channel.<\/a><\/b><\/span><\/p>

Don’t miss our whole <\/span>pre- qualify yourself series<\/b> and <\/span>keep learning with TL.<\/b><\/a><\/p>

See you in the<\/span> next blogs<\/b><\/a> and follow us for more.<\/span><\/p>

Thank you!\u00a0<\/span><\/p>