The portion of the price of a home that is not financed by the mortgage loan is known as the down payment. This amount must be paid out of your own savings or other eligible sources before you can obtain a mortgage. The down payment reduces the loan amount needed and demonstrates your financial commitment to the purchase, often influencing the terms and interest rates of the mortgage.

*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*

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