When we bought, we had enough for 15% down but could not reach 20%. Since we had to get mortgage insurance anyway, we were advised to just put 5% down and hold

When we bought, we had enough for 15% down but could not reach 20%. Since we had to get mortgage insurance anyway, we were advised to just put 5% down and hold back the rest to cover moving expenses and setup for a new house. 5 years later we had paid off enough to refinance at a lower rate, shorter term, and without the PMI.