Should You Put More Than 20% Down on a House If You Can Afford It?

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July 13, 2018…The national average down payment is between six and 11 percent, with some home-buyers paying as little as three to 3.5 percent. But for some people, there’s an opportunity to put down more than the perceived-standard 20 percent. Should they do it?

It might seem tempting, as your house is likely the biggest expense you’ll have in your life, and having lower payments and smaller loan size is appealing. But just because you can doesn’t mean you should.

“It’s entirely situational and it depends on your comfort with having less liquidity,” says Jason Bateman, head of Redfin Mortgage. “If putting more money down hurts your ability to adapt to unseen expenses, it can put you in a jam.”

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