The prices of homes has increased substantially, without the cost of living increase for many people. The prospect of saving 20% for a down payment to put down on a home is depressing. However, banks will give you a loan without the 20% down but you’re going to pay a price.
I am currently paying almost $500 per month in addition to my mortgage because I couldn’t afford the 20% down. But does this $500 go towards interest or principal of the mortgage? No, it goes straight to line the banks pockets. It’s highway robbery to penalize those who want the American Dream.