What do you want to part with?
When you’re buying a home, it’s important to make financial decisions right at the start. This is especially important when it comes to determining your down payment.
Have an honest conversation with yourself, your lender, and your broker to understand what you’re comfortable parting with. Some want to put less down and keep more cash in reserves. Others want to avoid any mortgage insurance (PMI) and have the funds to put down 20% with enough still in reserves to feel comfortable. Ultimately, it’s up to you.