If you can possibly do it you should think real hard about putting up a 20% down payment on your next mortgage. If you do it can save you a lot of money. Here's why.

Most lending institutions will require you to get private mortgage insurance if your downpayment is less than 20% of the mortgage amount. If you put down 20% or more you will not have to get private mortgage insurance and you will be spared the cost of paying for it.

And before you get too misty eyed about private mortgage insurance, learn this. Private mortgage insurance will pay off the bank if you default on your mortgage. You won't get a dime on this insurance pay off. It will all go to the bank and you will still be liable for the amount of the mortgage.

You didn't really think that those big banks got big by doing favors for you, did you?