Saving up so you can afford a down payment on a house can take years. When you’re so close to obtaining the dream of homeownership, every second feels like a lifetime. As a result, a lot of first-time buyers are tempted into making the smallest down payment possible. That might seem like a good idea on the surface, but the truth is that smaller down payments have several drawbacks.
Here are three reasons you should consider saving up to make a larger down payment instead.