Found 47 blog entries tagged as Down Payment.

Are you considering a move but concerned about the affordability of buying your next home? There’s good news for homeowners: thanks to increased home equity, many are able to put down more money on their next purchase than ever before, which can make a big difference in affordability and overall savings.

According to recent data from Redfin, the typical down payment for U.S. homebuyers has reached an all-time high of $67,500—about 15% higher than last year’s average. This jump in down payments isn’t just a random trend; it’s fueled by substantial increases in home equity, which current homeowners can use to strengthen their buying power. Here’s why and how equity is a game changer in today’s housing market.


The Equity Advantage: Why It’s…

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Believe it or not, almost 80% of first-time homebuyers qualify for some form of down payment assistance, but shockingly, only 13% actually take advantage of it. If you're a first-time buyer in Brookings, South Dakota, or the surrounding area, this is a huge gap that you definitely want to close—and fast!

In this competitive housing market, every bit of financial assistance helps, and you don't want to leave any money on the table. Here's how you can amplify your down payment potential and make the most of the available resources.


Amplify Your Down Payment Potential

When it comes to buying your first home, down payments can feel overwhelming. But the good news is that there are numerous programs designed to help buyers like you. Many…

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Now that you’ve made the exciting decision to buy a home, it’s time to get ready for the financial aspects of the process. While you’re probably focused on your down payment, there’s another expense that’s just as important but often overlooked: closing costs.

Here’s a breakdown of what closing costs are, how much they might be, and a few tips on how to reduce them.

What Are Closing Costs?

Closing costs refer to the additional fees and payments you need to cover when finalizing your home purchase. These fees vary based on the price of the home and the type of financing you’re using, but they’re a standard part of every real estate transaction. Unfortunately, many buyers forget to budget for these costs ahead of time. According to Freddie Mac,…

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If homeownership is on your goal sheet for your future, you’re probably working on your savings. And a big priority is making sure you’ve got a plan in place for things like your closing costs, down payment, and more.

Here are a few strategies that can help speed up that process.

Budget and Track Your Expenses: To start, create a detailed budget that tracks the money you’ve got coming in and the money going out. This’ll give you a better look at your finances as a whole.

Cut Down on Unnecessary Spending: Now that you have your budget sheet done and you know how you’re spending your money, look for any line items that aren’t absolutely essential. If you cut down on those, you can re-allocate that cash toward buying a home. Even the little…

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If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.

While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.

Here are some helpful tips you may get from a pro.

1. Explore Your Options for a Down Payment

If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not…

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Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains:

“If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.”

While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are seeing…

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Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by…

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The Truth About Down Payments




If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.

Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.

As The Mortgage Reports says:

“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”

According to the National Association of Realtors (NAR), the median…

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Some Highlights

  • In today's housing market, you can still come out on top if you have the right team and plan.
  • To win when buying a home, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd.
  • Let’s connect today to make your winning move.

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Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate explains:

“Home equity is the difference between your home's value and the amount you still owe on your mortgage. It represents the paid-off portion of your home. You'll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You'll also build equity over time as your home's value increases.”

Think of equity as a simple math equation. It's the value of your home now minus what you owe on your…

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