What down payment do I need on a self-employed mortgage home loan?

Down payments are tricky things because there’s no single answer. In general, the bigger your down payment the better! And here’s why:

• If you have a down payment under 20%, you’ll likely need to pay an extra thing called private mortgage insurance (PMI). And the less costs, the better, right?
• A bigger down payment means you’ll be able to borrow less so your payments will be lower, giving you more pizza money each month.
• A higher down payment means we might be able to offer you a lower annual percentage rate (APR) because you’ll be showing us how amazing you are with money.