About what percent of housing cost is required as a downpayment for mortgages? I know it can depend on living situation a lot, but around what age should one start to shift from renting to buying with a mortgage?

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Posted by Robert Tomcik (MONEY FORUMS: 4, Answers: 0)
Asked on March 13, 2016 6:42 pm
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Down payment requirements vary based upon the type of mortgage that you are using and all the personal details of your loan. A 20% downpayment is frequently recommended because it eliminates the need for private mortgage insurance (PMI) and provides a decent amount of equity in the property to weather market value fluctuations.

There is no single age at which one should move from renting and buying – there are too many variables. These variables include the local real estate market, your employment situation, income, family needs, financial goals, life goals, and desire to be a homeowner.

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Posted by Kate Horrell (MONEY FORUMS: 0, Answers: 4)
Answered: March 13, 2016 7:06 pm
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