Having a full down payment ready to go can help you get the mortgage you want, secure a better interest rate, make your offer on a property more appealing to sellers, and avoid private mortgage insurance (PMI) costs. But there’s just one problem: Saving for a down payment can feel like an impossible goal, since 20% of the typical home’s purchase price is a large sum of money!
Having a full down payment ready to go can help you get the mortgage you want, secure a better interest rate, make your offer on a property more appealing to sellers, and avoid private mortgage insurance (PMI) costs. But there’s just one problem: Saving for a down payment can feel like an impossible goal, since 20% of the typical home’s purchase price is a large sum of money!