I really think the down payment should be as much as you can afford. Interest rates are low at the moment and it might seem easy to make repayments but what happens if they shoot up again? It's a lot easier with a smaller mortgage.

If people can't save for a decent sized down payment, they could struggle with the mortgage repayments. I wouldn't want to lose my house because I can't afford to pay the mortgage. I really wish the banks went back to how they used to be, when it was much harder to get a mortgage and credit. People used to save more of their wages towards deposits and houses were cheaper because there were less buyers.

The minimum amount of down payment is often dictated by which lender you choose to go with. It can vary from zero percent to twenty percent.

Generally if you put less than twenty percent down, the the lender will require you to pay mortgage insurance which is added to the premium. This is in case you default on the loan. A person who has put a lower down payment is more likely to default on the home owners loan.

You will keep paying the mortgage insurance until you have paid off twenty percent of the loan and basing this on the current value of your home. This can happen sooner or later depending on the housing market.

For example, if your home value increase, then you will pay off the twenty percent quicker than if it decreased. Mortgage insurance is different from hazard insurance which is protection against damage to your home.

Ideally you should pay the full twenty percent or more of the down payment but most people are not able to do that. Usually, you will pay a lower down payment with mortgage insurance. The benefit is you could get a home quicker you otherwise couldn't afford unless you pay the full twenty percent.

Keep in mind lenders will also check your credit and see that you had a job with a high enough income for at least two years. They will also ask for any other assets you have.

If you are living in a bad area or have some other pressing need to buy a home then it is better to put less down and get your home quicker. Otherwise, you should wait until you get twenty percent down or more and then move. This way you can avoid the mortgage insurance. There is one other thing to keep in mind and that in interest rates are still considered low at the time of this writing. If you wait too long they will most likely increase and the savings you get from not having mortgage insurance may be nullified.

I say put down as much as you can afford. That way your payments will be lower and you can pay off your mortgage sooner.

Technically you should have between 5-10% down depending on the type of loan and credit score. There are many programs these days to assist you with downpayment. ex FHA and state agencies help pay these fees

It depends on the lender's criteria and what you are comfortable with. A lender may require a smaller down payment than you have, but you may be looking for a certain monthly payment and want to put more down. Shop around and find out what lenders are requiring and compare that to the amount you have to put down to make sure the number matches your financial goals.

I had a mere five percent when I bought my house. the resulting mortgage was managable. I think that what I will do when I eventually sell is use a large part of the proceeds to take care of the balance owing on my next house. After 10 years I have a very nice nest egg of equity and by transferring that money into a new house I should be able to get a larger, newer home possibly for around the same mortgage payment. When I was younger I didn't really consider home ownership that much of a priority, but now I see that it can be a very savvy move.