Although interest rates are on the rise, it's still a great time to purchase a home. Speak with one of our expert loan officers today!

What is the typical down payment for a mortgage?

A down payment is the initial payment by the borrower on the loan, which is due at closing. In most cases, lenders require at least 5% to 15% down, although the standard is usually 20%. If you put down less than 20%, you will need private mortgage insurance. The bottom line: The more money you put down, the lower your monthly payments will be.

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