A: The down payment on a house is the amount of money that you pay upfront when you purchase a home. The down payment is typically a percentage of the purchase price of the home. The higher your down payment, the lower your monthly mortgage payments will be.
Q: What are closing costs?
A: Closing costs are the fees that you pay when you close on the purchase of your home. Closing costs can include the loan origination fee, title insurance, and other fees.
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