down payment

Noun

Meaning

a partial payment made at the time of purchase; the balance to be paid later

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Examples

About 40 percent of buyers with a mortgage, and 52 percent of first-time buyers, received loans or gifts from family or friends for the down payment, according to national data from Zillow. Source: Internet

But despite being young, saving for a 20-something is probably more tilted toward short and medium term goals like a car, a home down payment, a wedding, a family, and so on. Source: Internet

A lack of funding for a down payment is often one of the biggest obstacles for potential homeowners. Source: Internet

As for a mortgage on the second home, interest rates should be substantially lower if you kick in a high down payment (20 to 30 percent). Source: Internet

And if you make a large down payment (industry standards say you should put down at least 20% to avoid paying for private mortgage insurance), you’ll likely end up with a lower mortgage rate. Source: Internet

Another important offer – the down payment is as little as 20%! Source: Internet

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