How does your help help with interest rates if we're only putting 10% down. In addition to a meager down payment, I also worry abt interest :( Definitely didn't get into this for the money

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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!

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Additional Posts in Homeownership for Teachers

Hi everyone!! It’s Jess at Landed here. Excited to answer your questions over the next few days with my teammate Alex. Will be popping in and out until Friday - look forward to chatting!

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Thanks for doing this! How did ya'll at Landed come up with this idea? Super interesting.

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Over the next couple days, my colleague Jess (who heads all our customer experience work) and I will be popping in and out to take questions on the topic of becoming a homeowner. Hope we’re helpful!

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Signing off for the day! Looking forward to continuing the conversation tomorrow. Keep the questions coming :)

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