Higher Mortgage Down Payment Required in the Second Quarter of 2014

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The average down payment required for obtaining a 30-year fixed-rate mortgage loan was 17.28% in the second quarter of 2014. It rose from its level of 15.78% in the first quarter of the year. The statistical data was presented in a report compiled by LendingTree, an online marketplace for home loans and other personal loans.

The average down payment amount which home buyers paid in the second quarter was $37,576. It rose from $34,733 in the first quarter of the year.
The state with the lowest average down payment in the second quarter of 2014 was West Virginia. Home buyers paid on average 14.42% of the price of the property which they purchased. This corresponded to an average down payment amount of $25,181.12.

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West Virginia was followed by Arkansas with an average down payment of 14.52%. Home buyers paid on average $26,760.99 out of their pocket when they financed the purchase of the property with a mortgage loan. Nebraska had the third lowest average mortgage down payment in the country in the second quarter of the year – 14.73%. House buyers in the state paid an amount of $28,482.97 on average. Mississippi and South Dakota completed the chart of the top five states with lowest down payment.

Hawaii was the state with the highest mortgage down payment in the country during the second quarter of 2014. It was 20.79%. New Jersey was the state with the second highest average down payment – 20.06% of the price of the property.

These were the only two states with average mortgage down payment higher than 20%. New York was the state with the third highest down payment in the country. There home buyers had to pay on average 19.59% of the purchase price of the house while the remainder was financed with the use of a mortgage loan. California and Connecticut ranked fourth and fifth respectively.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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