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Mortgage Down Payment Tips

Start saving for a down payment early

It’s common to put 10%-%20 down, but some lenders may permit less. But putting down less than 20% may mean higher costs, and even a small down payment can still be hefty. For example, a 5% down payment on a $140,000 home is $7,000.

Explore your down payment and mortgage options

Shop around…speak with a few lenders and explore your mortgage options. Your deposit amount also affects your monthly mortgage payment and interest rate. If you want the smallest mortgage payment possible, opt for a larger deposit and 30-year fixed mortgage. But if you can afford larger monthly payments, you can usually get a lower interest rate with a 20-year or 15-year fixed loan. Use our mortgage calculator to determine whether a 15-year or 30-year fixed mortgage is a better fit for you.

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