What % do you usually put for down payment on an apartment?
Answers
969 points
jillybeansisme answered one year ago …
Your question is a bit confusing to me and perhaps to others. Here in the USA, apartments are rented. Most often you will need a security deposit of one month's rent, a cleaning deposit which is non-refundable, and your rent for the first month, and money for a credit check and perhaps a background check.
If you're talking about an apartment to purchase, it's usually called a condominium. Earnest money of $1,000 is usually sufficient. That money goes toward the purchase price of the condo (home, land, etc.).
2083 points
alanj answered one year ago …
Are you planning on renting or buying? (You may want to add a statement to your question by editing your question). Their is no set percentage rate for a down payment, whether you are renting or buying. If you're renting it depends on the landlord. Most require a security deposit and the first month's rent as a bare minimum. (When you move out the security deposit will be returned to you minus any repairs that have to be done if the apartment is not it the same condition as when you first moved in.) And some also want an additional last month's rent.
If you are buying are you asking about earnest money or borrowed money from a mortgage lender? If you mean earnest money it requires a minimum of $10 in most places to be legally binding. But it depends on the seller. Whatever the seller wants. If you mean mortgage money you should put down as much as possible. This will lower your monthly payment. Another reason is- for every dollar you borrow you will end up paying back about 3 dollars. This is a very rough estimate. As a minimum most lenders require 10% down. But it depends on the lender. To find out how much, call the lender. They'll tell you. Actually you question really can't be answered here, only the person you will be dealing with can answer it. Whether it be landlord, seller, or lender.
