Buyer Beware I: The Myth of 0-3% Down Payment

In this mini-series “Buyer Beware”, we are going to give you our brutally honest opinion on a lot of financial products/services that are so common nowadays, but we believe the buyers should think twice before they get into it. The first one: mortgages. We have heard so much from our LA clients: “My realtor told me that I only need to put down a 0-3% payment, and get that 2 million house, is that true?” Yes, it’s true, but most people probably shouldn’t do it. It look...