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Mortgage shopping

I want to pay 5% down. Will the interest rate, down payment amount and monthly payments always be the same, no matter which lender I go to? Mind you, I'm doing a 30 year mortgage. If it won't be the same, how can I find a lender that will give me a low down payment with a lower monthly payment than my current bank is offering?
  • May 11 2012 - US
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Answers (2)

Jamie, each loan program requires a minimum down payment for a purchase.

FHA - 3.5% minimum down
VA - ZERO down
USDA - ZERO down
Conforming - technically 3%, but most put 5% down

With that said, each lender will have different rates and fees associated with there rate.  I would strongly suggest talking to at least 3 banks/lenders/mortgage brokers to get a good idea.  At that point you can make a decision based on the rate/fees offered and with the loan officer you feel comfortable with.

You may also want to talk to family/friends and see who they would recommend.  Hope that helps.
  • May 12 2012
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Profile picture for jamie0168
I guess what I'm saying is...will the down payment to monthly payment ratio always be the same, no matter which lender I go to? 
  • May 11 2012
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