Get A LoanHome PurchaseHome RefinanceCalculatorsMortgage HelpContact Direct Now

Down Payment


Apply Now!

Down Payment

A down payment is the amount of cash you provide for the purchase of a home. This is in contrast to the amount of money you borrow to buy a house. For example, imagine a house costs $100,000. This means that you must pay the seller $100,000. Further imagine that you have $20,000 in your savings account, but need an additional $80,000 to cover the full $100,000 price. In this example, the $20,000 you pay of your own money is the down payment. Your mortgage loan would cover the remaining $80,000.

Having a higher down payment can reduce your interest rate, and because the amount you need to borrow is lower, your monthly payments and the total amount paid for interest will be lower.

Ready to start your online mortgage application?
Return to Glossary



Get a Loan   |   home purchase    |   home refinance    |   Mortgage Tools   |   Mortgage Help    |   contact direct

Direct Mortgage, Corp. (NMLS ID 9612) is licensed or operating with a license exemption under the following names: AL, ID, NV, OR, WA: "Direct Mortgage Corp"; AZ, HI, LA, MI, MS, OK, SC, TN, VA: "Direct Mortgage, Corp."; AR, IN, MT, NC: "Direct Mortgage, Corp"; CA: "Direct Mortgage Wholesale Corp."; CO: "Direct Mortgage Corp dba Direct Mortgage Wholesale Corp"; FL: "Direct Mortgage Wholesale Corporation"; GA, NM, WY: "Direct Mortgage Corp."; IL: "Direct Mortgage Wholesale Corp"; OH: "Direct Mortgage Wholesale Corp (Direct Mortgage Corp.)"; TX: 1st Mortgages: "Direct Mortgage, Corp. dba Direct Loans Corp", 2nd Mortgages: "Direct Mortgage Corp dba Direct Loans Corp"; UT: "Direct Mortgage Corporation". Click for more licensing info.
You can view our NMLS consumer access page at
www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/9612

About Us / Terms of Use / Privacy Policy / Licensing Info /
Copyright © 2008-Present, Direct Mortgage, Corp. All Rights Reserved.