When it comes to mortgages, there’s a big gap between what people think they need in order to get one and the reality of what buyers are successfully doing—especially young people.
I know, I know, I’ve written on down payments before (like last month, when I highlighted that putting 20% down isn’t the norm).
But you know what? When it comes to what might be the biggest purchase of your life—one that can be incredibly intimidating for first-time buyers—it’s nice to know real facts. And in the mortgage market, reality is very often different from perception. Or, for that matter, myth.