Down Payment - Utah County Real Estate
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Even though today's consumer society has become one of buy now, pay later, there are some things that may actually be better to save up for, instead of just rushing into with credit and loans. One such item is your down payment on your first home. As unpopular as it is, and as difficult as it sounds, saving up for your first down payment, rather than financing close to 100% of your home purchase, may score you the best deals and save you the most money in the long run. Ideally, you should wait until you have a full 20% of the home's price saved up that you can contribute as a down payment. To be sure, this is a lot of money. According to the National Association of Realtors, the median sales price for an existing home in 2006 was $220,000. A 20% down payment on such a sum would equal $4...