MGIC Takes On the 20% Down Payment Myth with New Buy Now vs. Wait Calculator
"I'm amazed by the prevalence of the 20 percent down payment myth when research consistently proves it is untrue," said
As an advocate for expanding access to sustainable homeownership, MGIC has created a new Buy Now vs. Wait calculator. The tool is specifically designed to help lenders quickly and easily show consumers why it might make financial sense for them to purchase a home now. By helping consumers separate facts from myths, lenders can gain leads and earn loyalty.
The Buy Now vs. Wait calculation begins with some basic information: current rent, monthly savings and credit quality. Next, the calculator requests a desired home price, down payment savings and an estimated interest rate. The calculator then shows the costs associated with buying now verses waiting so consumers can make an informed decision.
"MGIC has 60 years of experience helping families successfully become homeowners with as little as 3 percent down," continued Mrs. Crowley. "We educate potential homebuyers about their options so they can make an informed choice that is right for them. It may be buying with less down or it may be waiting until they have more saved, but we want them to know the true costs and benefits so they are making that decision based on facts."
Lenders are welcome to share the Buy Now vs. Wait calculator on their website, blog, social media accounts and other marketing materials. It can be found at mgic.com/buynow along with other valuable first time home buyer resources.
About MGIC
This year MGIC is celebrating our 60th anniversary. As the inventor of modern private mortgage insurance, we are committed to providing industry leading products and services that make originating affordable low-down-payment mortgages safer for the financial institutions we serve. Fulfilling this vital role helps families achieve homeownership sooner. At
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SOURCE
Investor Contact: Michael J. Zimmerman, (414) 347-6596, mike_zimmerman@mgic.com; Media Contact: Katie Monfre, (414) 347-2650, katie_monfre@mgic.com