Your down payment can reduce the total amount you will owe, also reducing the overall costs of your home. If you put down less than 20% of the cost of your home, you could end up paying private mortgage insurance (PMI).
While you don't need 20% down to be successful in homeownership, it might be a good idea to consider the cost of PMI when you buy.
There are also some creative loan options available that allow you not to put down a down payment at all. Be careful when you make these decisions, because you want to make sure you build wealth with your home purchase.
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