By Daniel Bortz
From Kiplinger’s Personal Finance
Home prices are expected to remain flat or even fall in 2023.
Still, prices are lofty. And if you’re in the market for a home, here are some tips to keep costs down.
Look into mortgages with low down-payment requirements. The average down payment across the nation’s 50 largest metro areas clocked in at $62,611, based on data from January through October 2022, a LendingTree study found. Homebuyers in San Jose, California, shelled out the most money, with the city’s average down payment notching $142,006.
Many financial experts recommend that conventional loan borrowers put at least 20 percent down to avoid paying private mortgage insurance, but nearly two-thirds of millennials plan to put down less, according to a survey by Real Estate Witch, a website with information for home buyers and sellers. Fortunately, a conventional loan isn’t the only mortgage product out there….