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Q: How much do I really need for a down payment, and what is mortgage default insurance?
You may be able to buy with as little as 5% down. Unless you're going north of 1.5M purchase price, you don't need the 20% you've heard about. The minimum depends on the purchase price, and with less than 20% down you'll need mortgage default insurance, which adds to your mortgage cost. Waiting years just to reach 20% has trade-offs too. I’d compare buying earlier versus continuing to save rather than treating 20% as the automatic goal.
Answered October 2026
Q: Can I use my home equity to pay off high-interest debt, and what are the risks?
Yes, there are multiple refinancing options to replace higher-interest debt with borrowing secured against your home. The important part is looking beyond the lower monthly payment. Extending debt over many years can mean paying more interest overall, and your home becomes security for that debt. I’d compare the total cost, monthly cash-flow improvement and repayment plan before deciding whether using your equity actually puts you further ahead.
Answered October 2026
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