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Down payment

Down payment

What is a Down payment?

When you go through a loan application process, you will typically be required to put down a minimum "down payment." This amount of money is a portion of the total property value (from 3.5% to 20%+ in mortgages) and translates to the equivalent equity ownership.

Borrowers can typically choose to pay more than the minimum down payment. The lender's risk profile and the type of loan determines the minimum down payment.

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