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Here’s a blog I wrote about the topic: https://www.landed.com/blog/power-of-20-percent-down-payment
Great question! By putting your 10% down (and then getting a matching 10% down from Landed), you are putting down a total of a 20% down payment. That means that you qualify for high quality mortgages with lower interest rates, avoid paying mortgage insurance, and
When you put less than 20% down, most lenders require you to buy private mortgage insurance (PMI), which is expensive. It can cost a few hundred dollars a month. Some lenders don’t require PMI but instead charge a higher interest rate if you put less than 20% down, which can also be very expensive.
When you put 20% down, compared to putting 10% down, you make smaller monthly payments because you've taken out less debt.
That means that putting 20% down gives you a lot more homebuying options. With the same monthly payments, you can afford more house with 20% down compared to putting just 10% down.
And that’s what we do at Landed: we help school employees who might otherwise only be able to get to 10% reach that 20% hurdle!