A First-Time Homebuyer’s Guide to Mortgage Down Payments
As of July 2023, the average mortgage down payment for home purchases in the United States is $28,000. This figure has doubled from $24,474 in 2022 due to the rapid increase in home prices. Such a high amount can be intimidating for first-time homebuyers. However, it helps you set realistic expectations when negotiating with mortgage lenders. …