Don't waste time saving up a bigger downpayment

@nateloans

49.2K followers · usually 4.0K views a post

Views

57.2K

Likes

982

Comments

72

Shares

197

Promoted product

Nate Moghadam

Massachusetts loan officer Nate Moghadam. FHA, Conventional, VA, Jumbo, and Non-QM loans. Book a free consultation.

3 videos

Why it worked

The video effectively debunks a common misconception about home buying, providing practical financial advice that resonates with first-time homebuyers. The clear explanation and relatable scenario make the information easily digestible and actionable.

Summary

This video explains that saving for a larger down payment on a house is often unnecessary and can delay homeownership. The speaker, a loan officer, advises that lower down payment options are available and that saving a large sum for a bigger down payment yields minimal monthly savings, while potentially increasing the home's overall cost over time.

Free account

Transcript, structure and on-screen text

6 beats, a 361-word transcript and 14 lines of on-screen text — the parts you need to write your own version.

Original caption

Saving up a bigger downpayment can take years and makes a minimal impact on your mortgage payment. Even if you put an extra hundred thousand dollars down your payment would only drop by around $600 which isn’t the best paying for your buck. All you need to put down on a conventional loan is 3% or 3.5% with FHA, and a lot of times it’s a smarter idea to put the minimum down even if you have more money available so you can keep it as a rainy day fun. Do you want to review your options with me with the L.I.N.K in my bio to schedule a FREE 15 minute call. . . . ##mortgage##mortgagetips##downpayment##firsttimehomebuyer