08/12/2021
Saving for a down payment as a first-time homebuyers is difficult. But there is good news from Zillow! A Zillow analysis noted with mortgage rates near record lows, monthly payments can remain affordable even with a smaller down payment, and flexible work options are providing new opportunities for many to buy a home in a less-expensive city.
Zillow economic data analyst Nicole Bachaud said, “The good news is that buyers who want to take advantage of today’s low mortgage rates can do so without putting a full 20% down ― most conventional mortgages allow as little as 3% to 5%. That lower upfront payment comes with higher monthly payments, but the opportunity to build equity can outweigh those extra costs for many.”
