Start with your down payment
This is the amount of money you put towards buying a home. The minimum amount you pay varies depending on the purchase price.
The minimum down payment required for a mortgage ranges from 5% for homes that cost less than $500,000. For homes that cost $500,000 to $999,999, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance. The minimum down payment for homes that cost $1,000,000 or more is 20%.
Make your down payment at least 20% of the property value to lower your monthly mortgage costs and amount of interest you'll pay over the term.
If you put less than 20% down, you'll need mortgage default insuranceOpens a new window in your browser..