Why You Shouldn’t Make a Big Down Payment On Your First Home

For decades, it was one of the few hard-and-fast rules when purchasing a home: Put 20% down. A hefty down payment would help you build up equity faster, and make sure your mortgage was affordable.

Times change. A new study from the National Association of Realtors underscores the fact that the 20% mark is far more myth than reality. Over the past three years, the median down payment for a first time homebuyer has been just 6%. It's higher for those buying their second or third home--the...

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