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Why saving for a large down payment could cost you
Why saving for a large down payment on a home may not be the smartest thing to do Are you to buy a Dallas area home? When prices are rising, why not let the market help you?
It's great to save up for a large down payment  of 20% or more. Yet, when prices are on the rise, saving quickly enough to keep pace can be extremely difficult. In times such as these why not let the market build equity for you instead.  According to the Dallas morning news, Dallas and the DFW Metroplex, ranks fourth in the nation for the largest home price increase.
Building equity. Owning a home in an appreciating market can build equity faster than most people can save. For example, a $200,000 home that appreciates by 6% gains $1000 per month in equity.
Getting ahead of rising prices and mortgage rates. Purchasing with a small down payment often means you're required to purchase mortgage insurance. Your total monthly payment will be higher; however, the cost of mortgage insurance today can be a lot less expensive than buying a more expensive home at a potentially higher interest rate tomorrow.
Diverting rent payments to equity. If you are currently renting, chances ... more

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