If you’re ready to buy your first home, you’ve likely heard that a 20% down payment on a mortgage is pretty standard. But given that as of July 2016 the median price of a home in the U.S. was $294,600, that can be a substantial chunk of change—$58,920 to be exact. Heck, that’s enough for an all-frills wedding, a Model 3 Tesla and a sweet honeymoon, or maybe even for a small private island in Nova Scotia.
But is the 20% down sage advice or an opinion that’s no longer relevant? Just last year, the average down payment on a single-family home was 14.8% (via RealtyTrac). So, times are a changin’.Read more