DH and I have been saving for a house for a while and after the holidays we want to start seriously looking. I feel like I can keep saving money for a downpayment forever!
I know it all depends on how much the house is....but what do you think is an average downpayment these days? I hear so many things!
kgs11
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Re: Homeowners! Help!
10% plus closing costs.
MnM52607
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If you put down 20%, then you won't have to pay PMI.
cindyandkevin
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Re: Homeowners! Help!
Talk to a mortgage broker and get pre-approved first. Then you'll be able to figure out how much of a down payment you'll be comfortable with.
Future Mrs.
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Re: Homeowners! Help!
Ideally, you want to put down 20% so that you can avoid PMI. You will also have closing costs, which are VERY EXPENSIVE (many thousands) Keep saving, and its great to start looking and getting ideas of what is important to the both of you. Remember, its a work n progress! Good luck....
MeNBobs
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Re: Homeowners! Help!
We didn't put down 20% and we don't have to pay pmi. We have a 80/20 loan a mortgage for 80% and a home equity loan for 20% by doing it this way we did not have to put down a huge amount. I wish I could explain it more but I really don't know. We met with a mortgage broker first, told her what we thought our price range was then she worked out different loans and what our payments would be for each. After we met with her we knew what we were comfortable with and knew what price range we should be looking at.
Dolce19
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Re: Homeowners! Help!
You can put down as little as 5% down if you want. It really all depends what you can get approved for. DH and I just went to a mortgage broker and he gave us about 3 different scenerios. It was so helpful.
imas98
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Re: Homeowners! Help!
Posted by MnM52607
If you put down 20%, then you won't have to pay PMI.
I'd put down at least 20% if possible.
Good luck !
dawnbridetobe
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Re: Homeowners! Help!
We are in the process of buying a home right now. Ideally 20% is a great # to put down, but with the prices of homes on LI plus the additional $15,000 or so it costs to close-20% is a lot. We are putting down 15% plus our closing costs. Then we are taking out a 2nd loan for the extra 5% so we don't have to get mortgage insurance.
GraceAndAdam
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Re: Homeowners! Help!
definitely find a mortgage broker you feel comfortable with and trust and go over your finances to figure out what you can afford. (DH and my biggest mistake is that we used a shady mortgage broker because we didn't know any better. )That should help you to figure out what price range of homes to look at. In my opinion, the more you can put down the better because it makes your monthly payment that much lower. Also, keep in mind that closing costs are very expensive. I think mine were around $15000. Good luck!
faithandkevin
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Posted by MeNBobs
We didn't put down 20% and we don't have to pay pmi. We have a 80/20 loan a mortgage for 80% and a home equity loan for 20%
We have the same thing.
mkc56
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I think 20% is average.
naps714
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Thanks so much ladies! Can someone FM if they have a mortgage broker they liked???? I
LaurenluvsTJ
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it totally depends on what you can afford, i don't think there is an 'average' amount. I will send you an FM with the name of our broker.
laural2979
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Posted by faithandkevin
Posted by MeNBobs
We didn't put down 20% and we don't have to pay pmi. We have a 80/20 loan a mortgage for 80% and a home equity loan for 20%
We have the same thing.
We do too. We only put down about 5% and we got the seller to throw in closing costs so we didn't have to pay those either.
vintagegirl
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Re: Homeowners! Help!
20 % is so unrealistic.. its so hard to save living here.
