I offer a popular mortgage calculator on my website at www.AroundCU.com/calc that you can use to determine what your mortgage payments will be on a home that you are interested in. You can also get to this mortgage calculator by clicking on the ‘Mortgage Calc’ link in the tabs at the top of any home’s information.
From looking at how clients use my website, one thing that I have noticed over and over again is that people quickly change the percentage of down payment on their dream home from 20% to something smaller. Usually 0%. Alas, for the average homebuyer in today’s economy it just isn’t realistic to make that drastic of a change. I’m not choosing 20% as a starting point because I am evilly wanting you to see a lower monthly payment. Read on, dear client, to find out the motive.
Continue reading Why does your calculator want me to put 20% down?!