Sunova News

First time buyers: how much do you need for a down payment?

March 30, 2021

A down payment is a big part of buying a house and how much you put down can change elements of your mortgage. Keep reading to learn all you need to know about your down payment.

 

A down payment is the amount of money you pay for your house upfront. The more you can provide for a down payment, the less of a mortgage you will need, which means you will pay less interest over time.

 

To purchase a home, you can have a down payment as little as 5% of the purchase price. But keep in mind, with a down payment of less than 20%, there can be other costs in the mortgage because of the high amount of financing needed to purchase your home.

 

Pros and cons chart of down payment options.

 

Which down payment option you go with often depends on how much you have saved and your personal financial situation. If you’re looking to buy a home, I suggest you reach out to a lender, like me. I am more than happy to help you explore your options and make a plan that is best suited to you.

 

Meet Jen

 

Hi, I’m Jen. I’ve been a lender at Sunova Credit Union for 9 years. Much of that time I worked in Lac du Bonnet, but I recently moved to Winnipeg with my twin boys and now work at our Birds Hill location. I was born and raised in a small town and love being outside. When I’m not helping members, you can often find me fishing, quadding, or playing slow pitch.

have questions?

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