For many prospecting homebuyers, one of the most daunting experience is saving up for the down payment. Traditionally, 20% of the loan is considered the standard down payment amount. According to Zillow, the median home value in New York City (all 5 boroughs) is $674,000, 5.4% up from last year (2017). A 20% down payment of the median home value in NYC means $134,800 upfront.
Let’s break this down into perspective:
You would need to save $1006.97 monthly for ten years, with a 2.15% bank savings interest rate.
However, with Lyons’ new program, borrowers may be eligible to put down as low as 3% for their down payment!
Let’s look at the same scenario, with Lyons’ as their mortgage lender.
A 3% down payment on a $674,000 home would mean:
You would only need to save $150.26 monthly for ten years, with a 2.15% bank savings interest rate OR save $541.38 monthly for ONLY 3 years, with a 2.15% bank savings interest rate!
As a borrower, this is a no-brainer. You will have full CONFIDENCE in knowing what you can comfortably afford.
As a realtor, you will help many more individuals and families achieve that “American Dream” to close out on a home.
We are ready to help everyone find out how much they qualify to borrow with our FREE Pre-Approval. Visit our PRE-APPROVAL page; it only takes a few minutes but the benefits will be enormous.