💸 Don’t Go Broke for the Down Payment

(A little mortgage wisdom from your friendly neighborhood broker)

Let’s talk about one of the biggest myths in homebuying:

“You have to put every last dollar into your down payment to get a good deal.”

Nope. Not true. Please don’t do that.

I’ve seen people drain their savings, max out credit cards, and even sell their favorite kayak just to hit that magical 20% mark. But here’s the thing — going all in on your down payment can leave you “house rich and cash poor,” which is just a fancy way of saying you own the house, but you can’t afford to live in it comfortably.

🧮 What’s the alternative?

Keep some savings! You want a healthy cushion for:

• Home repairs (because something will break)

• Moving costs

• That couch you actually want to sit on

• Emergencies, because life happens

Instead of scraping every penny together for 20%, you can often put down less — and yes, that means you’ll have mortgage insurance.

😱 “But mortgage insurance is SO expensive!”

Actually… it’s really not as bad as people think.

Depending on your loan type, credit score, and down payment, it might only add the cost of a takeout dinner or two per month. And here’s the kicker — that small monthly cost keeps your savings intact.

Plus, mortgage insurance isn’t forever! You can remove it down the road once you build up enough equity (or refinance when the time’s right).

🏡 The smarter move

If spending less up front means:

• You still have an emergency fund,

• You sleep better at night, and

• You don’t have to borrow money for a new roof next spring…

That’s a win. Every. Single. Time.

Bottom line:

A healthy savings account and a slightly higher mortgage payment almost always beat an empty bank account and a slightly lower one.

So don’t let “no PMI” be your hill to die on. Smart, strategic buyers understand that flexibility and financial breathing room often matter way more than hitting a number on a spreadsheet.