How large a down payment do you need?
There are mortgage options now available that only require a down payment of 5% or less of the purchase price.
But the larger the down payment, the less you have to borrow, and the more equity you’ll have.
Mortgages with a down payment lower than 20% generally require a mortgage insurance policy to secure the loan.
When considering the size of your down payment consider that you’ll also need money for closing costs, moving expenses, and possibly repairs and decorating.
