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The Good and Bad of Using Your Savings to Make Your Full 20 Percent Down Payment

If you've been perusing the real estate market with the hope of purchasing a home, you may be aware that the often-touted amount you should put down is 20 percent. However, there are good things and bad things involved in investing so much money into your new home. If you're wondering how to decide on your down payment amount, here are some things to consider before putting in 20 percent.
 
No Rainy-Day Fund
It might seem like the best option is to put down as much as you can, and use up your savings if needed, but putting all your money into your home can be a mistake. While you may not foresee any financial issues arising in the next few years as you pay down your mortgage, not having any extra money can put you in a vulnerable position if the market shifts or other life issues appear. Investing in a home is a good choice, but you may want to protect some of your other assets.
 
Lowering Your Monthly Payment
While putting down the full 20 percent can seem like a huge chunk of change, it can be a boon for your monthly finances in the sense that your monthly mortgage payment will ... more

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