Down Payment Details
Now, you may wonder how your down payment differs from that of a first-time mortgage.
Depending on your circumstances, you may be utilizing equity from your existing home or the proceeds from its sale to increase your down payment for the next home purchase.
Alternatively, you may still need additional down payment sources, such as personal savings or a monetary gift.
Keep in mind that for home prices below a certain threshold, you may be able to place as little as 5% down.
However, any down payment amount less than 20% will require mortgage default insurance, and we’ll provide you with all the necessary information regarding the associated premiums.