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.

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.