Down Payment Advice


It’s always best to put 20% (or more) down on a mortgage when you are buying a home.  The main reason for this is so that you can avoid private mortgage insurance (PMI) payments.  PMI costs you a percentage of your mortgage depending on how close your down payment was to 20%.  At first glance it might not sound like much, but over the course of a year PMI could cost you between $500-1500 or more depending on the sale price of your home and how much you put down.  In addition to saving on PMI, putting 20% down can help you negotiate better loan terms and rates.  Without putting a sizable down payment into your mortgage you will not be building equity in your home for a long time.  If you can’t save 20%, saving as much as possible is definitely the best route.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

Mortgage Rates Are Rising


The average mortgage rate dropped to an all time low of 3.3% in 2012, and is now rising rapidly.  In June, mortgage rates in the US averaged 4.35%, but for those interested in buying, even though mortgages are at the highest rate in two years, they are still a great deal.  Economists estimate that these rates will keep rising along with the improvement in the economy, so if you’re looking to purchase or refinance, now’s is a great time to do so, before the window on low mortgage rates closes for good.  Prices are rising in the housing market too, making this a great time for sellers for the first time in awhile.

Whether you’re buying or selling a home, we can help!  Give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.