How Much Money Do I Need to Put Down?

How Much Money Do I Need to Put Down?

The answer will depend on your individual circumstances. It is a good idea to talk to a mortgage lender to get an accurate estimate of how much money you need to put down.

Benefits of a Larger Down Payment

• There are several benefits to making a larger down payment on a home. A larger down payment can:
• Lower your monthly mortgage payments.
• Reduce the amount of interest you pay over the life of your loan.
• Eliminate the need for private mortgage insurance (PMI)
• Increase your chances of getting approved for a mortgage.
• If you are thinking about buying a home, it is important to start saving for a down payment. The more money you can save, the better off you will be in the long run.