Re: How much dept do you need for a house?+
niecey- well said.
we put down 10%. no pmi. mortgage is over 300. nice interest rate (it still went down a little bit after we closed). we are 'house poor' & we looove it! we did not buy a fixer upper- we're here to stay (at least 10 years). this house is way too big for us, but we'll grow into it. to us, the huge mortgage is worth it. we are able to pay all of our bills every month but we don't splurge like we used to.
we found a ggggggreat bank out here in jersey (hence the no pmi). private. doesn't sell your mortgage. it took some research, but we lucked out!
but it is a personal decision. totally depends on your situation & your ideas about money, your security, & your future. many people prefer to wait longer, make a large down payment, and have less of a mortgage each month. its very personal.
of course, your down payment totally depends on the purchase price of the house. & don't forget closing costs. for a house, they can be anywhere from $4,000 - $10,000 (or more!!).
we put down 10%. no pmi. mortgage is over 300. nice interest rate (it still went down a little bit after we closed). we are 'house poor' & we looove it! we did not buy a fixer upper- we're here to stay (at least 10 years). this house is way too big for us, but we'll grow into it. to us, the huge mortgage is worth it. we are able to pay all of our bills every month but we don't splurge like we used to.
we found a ggggggreat bank out here in jersey (hence the no pmi). private. doesn't sell your mortgage. it took some research, but we lucked out!
but it is a personal decision. totally depends on your situation & your ideas about money, your security, & your future. many people prefer to wait longer, make a large down payment, and have less of a mortgage each month. its very personal.
of course, your down payment totally depends on the purchase price of the house. & don't forget closing costs. for a house, they can be anywhere from $4,000 - $10,000 (or more!!).
