Should You Wait for a Larger Downpayment to Buy a Home in Alaska?
Posted by Wes Madden on Thursday, August 27, 2015 at 11:14 AM By Wes Madden / August 27, 2015 Comment
"Should I wait to buy a home in Alaska until I have a larger downpayment?" It's a common question on many Alaskan homebuyer minds as of late and yet, the answer may not be what you expect!
The downpayment is an important part of the homebuying process as it will ultimately lower your monthly mortgage payment and if you have saved up the 20 percent, can help you avoid private mortgage insurance (PMI). And while there are mortgage types that allow you to put down as little as 3 percent, many homebuyers are pondering the idea of waiting to buy until they have a larger downpayment.
The main reason for ...