Paterson Mortgages & Loan Information
Down Payment
The down payment is the part of the purchase price the buyer pays in
cash and is not financed with a mortgage. Your down payment will reduce
the amount you'll need to borrow. So, the more cash you put down, the
smaller the size of your loan, and the smaller the amount of your mortgage
payments.
Paterson lenders often view mortgages with larger down payments as more
secure because more of your own money is invested in the property. However,
there are other loans that require as little as 3% to 5% of the purchase
price for a down payment.