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 Team NuVision video to help you remember later - the larger the down payment, the less you have to borrow and the more equity you'll 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'll also need money for closing costs moving expenses, and - possibly - repairs and decorating.
