The larger the down payment, the less money you need to borrow. This means a lower monthly payment. However, remember that in addition to your down payment and monthly payments, you will need money to pay for closing costs, moving, appliances, household setup, a reserve for family emergencies, and other miscellaneous items. So don’t plan to put your last penny down on the closing table. New types of mortgages exist that feature help for first-time buyers and flexible terms for current home owners. These help home buyers to “afford more house” and to buy sooner by expanding qualification criteria.
