Real Estate Glossary

What is Down Payment?

A down payment is a payment that is made in advance of a purchase, typically as a percentage of the total price. Down payments are commonly required for large purchases, such as a home or a car, and they may be used to demonstrate a borrower's commitment to the purchase or to reduce the lender's risk. Down payments may be paid in cash, or they may be financed through a loan or other type of credit.

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