Buying a home is probably the biggest financial decision most people will make in their lifetime. The percentage of down payment you put in will make a huge difference for the health of your personal finances for years to come. What percentage of down payment you should choose is largely dependent on the current mortgage rate.
20% Down Payment
It's common for a lender to require 20% down payment from homeowners for mortgage financing. The initial payment does look hefty, but the homeowners won't be required to purchase mortgage insurance at least. If the mortgage rate is high, large percentage of initial down payment will reduce the total cost of home ownership over a course of 15 or 30 years of your mortgage payment unless the rate is so high that you know for sure you will refinance or
