There are mortgage options that we offer that only require a downpayment of 5% or less of the purchase price. But the larger the downpayment, the less you have to borrow and the more equity you’ll have. Mortgages with less than a 20% downpayment generally require mortgage insurance to minimize the risk to the lender. When deciding the size of your downpayment, consider that you’ll also need money for closing costs, moving expenses and possibly, repairs and decorating for your new home.

Posted in: Money Matters