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Mortgage glossary
Down Payment
The part of the purchase price paid without using the first mortgage. It may come from the buyer's allowed funds or another permitted source. The minimum amount depends on the program, property, and borrower eligibility.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.