down payment

Sometimes, to get the best rate possible, you'll be required to pay 20% of the purchase price as a down payment. Along with getting you a better interest rate, it will also allow you to avoid PMI, which is another expense added onto your mortgage payment.

Having MI is not always a bad thing, sometimes you can qualify for much lower rates and still have a lower payment with MI than you would at a higher rate with no MI...Not everyone has 10 or 20% to put down, don't feel bad...

Special programs such as VA loans do not require any down payment. Check with your mortgage professional for details on these programs.

» DISCLAIMER: The information contained in this article on ' down payment' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.