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 he amount that you put down affects the lender's decision, the size of your monthly mortgage payments and the amount of cash that you have available for other home buying costs.
Most first time buyers generally put 3% to 10% down.
Lender requirements
Lenders require that the loan is guaranteed. You can do this with a down payment of 20% (or more) or through a third-party.
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Effect on monthly payments
The larger your down payment, the lower your monthly payments and the total cost of the loan.
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Other home buying costs
When you buy a home you'll have to pay closing costs and may have to spring for some repairs. In any case, the down payment won't be the only drain on your bank account.
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Opportunity costs
There may be better ways to invest that extra $10,000.
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Factors in the down payment decision
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