when you buy a house. I'm just wondering so we can sort of know when we have enough to be able to start looking to buy a house. (I don't really know much about buying houses)
When we move we will start out in an apt so we can get acquainted with the neighborhoods first. But we'll save up to buy.
WinterBride2005
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Re: appx. how much do you put down...?
I am pretty sure it is 20%- If you put less, I think you have to get PMI insurance, which gets added to your mortgage payment.
I think there are programs out there that allow you to put less.. but then I think your payment becomes higher. I have heard of 5%.
Eli
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Re: appx. how much do you put down...?
we're putting 20% down which helps us avoid the PMI...it's a lot of money all at once but to us it's worth it! even though my heart is racing this month between the house and the wedding !
Valentinegirl
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Re: appx. how much do you put down...?
You can also get a loan w/out putting 20% down and avoid paying PMI. We have a 80/15/5 loan. We only put 5% down and aren't paying PMI. We saved alot of $ this way.
WinterBride2005
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Re: appx. how much do you put down...?
Posted by Valentinegirl
You can also get a loan w/out putting 20% down and avoid paying PMI. We have a 80/15/5 loan. We only put 5% down and aren't paying PMI. We saved alot of $ this way.
Wow- can you give me more info? You can FM if you like.
Thanks!!
Valentinegirl
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Re: appx. how much do you put down...?
Posted by WinterBride2005
Posted by Valentinegirl
You can also get a loan w/out putting 20% down and avoid paying PMI. We have a 80/15/5 loan. We only put 5% down and aren't paying PMI. We saved alot of $ this way.
Wow- can you give me more info? You can FM if you like.
Thanks!!
FM
verdila
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Re: appx. how much do you put down...?
We also did this - 80/5/15 with 15% down though. Essentially you have 2 mortgages and you pay to 2 diff. places - to avoid PMI which is not tax deductible.
nov04LIbride
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Re: appx. how much do you put down...?
We're putting 25% down. For those of you that put down less, is it difficult to pay the mortgage payment each month? Ours would have been difficult to pay had we put down much less...
btrflygrl
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Re: appx. how much do you put down...?
I'v read that places in GA will accept 2%-5% and friends of ours didn't put anything down on their house in NC
WinterBride2005
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Re: appx. how much do you put down...?
Posted by btrflygrl
I'v read that places in GA will accept 2%-5% and friends of ours didn't put anything down on their house in NC
That's awesome. There must be so many programs we really don't know about. I wonder if mortgage brokers openly share this info with buyers. I will def. be sure to ask what the options are when it comes to the downpayment. All this time, I thought 20% was the absolute amount needed. I feel so RELIEVED!!!!
Valentinegirl
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Re: appx. how much do you put down...?
Posted by nov04LIbride
We're putting 25% down. For those of you that put down less, is it difficult to pay the mortgage payment each month? Ours would have been difficult to pay had we put down much less...
With 5% down, our motgage isn't low but its affordable. Good thing DH makes decent $.
Ets...I would have loved to put 20% down but it would have taken us forever to save all that $. I give those who did alot of credit. Its hard.
Valentinegirl
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Re: appx. how much do you put down...?
Posted 2x..sorry.
jmf423
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Re: appx. how much do you put down...?
Can someone tell me a little more about doing 80/15/5...i have heard different things and am not too sure. Thanks!
Valentinegirl
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Re: appx. how much do you put down...?
Posted by jmf423
Can someone tell me a little more about doing 80/15/5...i have heard different things and am not too sure. Thanks!
We have 2 seperate loans. One is for 80% of the home and the other is for 15%. We put 5% down. It is called a 'piggy back loan'. They do it so you don't pay PMI. It saved us alot each month. A mortgage person will explain it better than me though.
jmf423
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Re: appx. how much do you put down...?
Thanks!!
soon2bMrs
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Re: appx. how much do you put down...?
Posted by Valentinegirl
Posted by jmf423
Can someone tell me a little more about doing 80/15/5...i have heard different things and am not too sure. Thanks!
We have 2 seperate loans. One is for 80% of the home and the other is for 15%. We put 5% down. It is called a 'piggy back loan'. They do it so you don't pay PMI. It saved us alot each month. A mortgage person will explain it better than me though.
This is great info the DH and I will be looking to buy a house when we move home next year. Are both the loans by the same bank, or separate. Also, are the length of the loans the same, ie 30 years?
Thanks
Valentinegirl
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Re: appx. how much do you put down...?
There are different options...our 80% one is 30 yr. fixed 5.8% and the 15% is 15 yr. at 4.5%. Glad I could help out. We didn't know this either and wound up saving some $ after doing it. Both are Chase Bank.
soon2bMrs
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Re: appx. how much do you put down...?
Posted by Valentinegirl
There are different options...our 80% one is 30 yr. fixed 5.8% and the 15% is 15 yr. at 4.5%. Glad I could help out. We didn't know this either and wound up saving some $ after doing it. Both are Chase Bank.
Thanks!
AmyKay
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Re: appx. how much do you put down...?
you can get loans where you don't put any money down, or a real low amount 3% but the seller has to be willing at accept that type of offer.
tracyg
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Re: appx. how much do you put down...?
good to know. I don't think we'd be able to put 20% down, maybe in 15 years!! ... but i'm paying off all my debt so i can have good credit for loans.
