video: How Large A Down Payment Do I Need?

 

There are mortgage options now available that only require a down payment of 5% or less of the purchase price.
You'll see some pictures in this video to help you remember later - the larger the down payment, the less you have to borrow and the more equity you will have.
Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan.
When considering the size of your down payment consider that you will also need money for closing costs moving expenses, and - possibly - repairs and decorating.

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