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Do conventional fixed rate mortgages require a down payment?

Yes, we do need a down payment of at least 3% to 5% at the time of closing. A lower down payment lets you begin your homeownership journey sooner than if you had to save up the traditional 20%.

But a higher down payment means you can borrow less, so your monthly payments may be lower and you can save on interest. In general, try to put down as much as you can comfortably afford.