minimum down payment

Definition

An initial amount paid by a borrower in order to continue securing a loan. This amount generally varies in the range of 5%-25% of the total loan amount, depending on the selected loan program and the borrower's FICO score. A higher amount paid at the beginning will result in lower interest rate paid on the remaining amount of the loan. For example, if the minimum down payment for a housing loan to be approved is 10%, then a person requiring the loan needs to make an initial payment of $25,000 on a $250,000 loan amount.

单词	minimum down payment
释义	minimum down payment Definition An initial amount paid by a borrower in order to continue securing a loan. This amount generally varies in the range of 5%-25% of the total loan amount, depending on the selected loan program and the borrower's FICO score. A higher amount paid at the beginning will result in lower interest rate paid on the remaining amount of the loan. For example, if the minimum down payment for a housing loan to be approved is 10%, then a person requiring the loan needs to make an initial payment of $25,000 on a $250,000 loan amount.
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