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Down Payment On House

Lower monthly mortgages

Less money borrowed means less monthly mortgages. It gives you the capacity to use fraction of your money for other expenditures. In some cases, it can be your key to qualify to shorter-term mortgages which obviously have lower interest rates.

Lower overall interest

If you borrow less, it doesn’t only mean that you’ll have lesser monthly mortgage dues. It also means that you’ll incur lower total interest. As a result, it can hugely impact your long-term financial capabilities. Remember that housing loans are usually available in fixed repayment terms of 30 years and below. It translates to 30 years or below of having money to cover other expenses like child education and food.

Higher chances of closing the deal with the seller

Financial needs by the seller leads the common reasons why houses are sold. If the property being sold attracts multiple buyers, the one with the biggest down payment offered has the highest chance of bagging the deal.

Aside from the obvious financial need, it will also be a good sign of being serious about getting ownership of the house. It also shows the seller that you might have the adequate financial resources to cover other costs associated with the entire home buying process.