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Just out of curiostiy for you homeowners

RVCBride Posted: Oct 28, 2004 05:15 PM+

RVCBride MEMBER SINCE: 9/04 TOTAL POSTS : 798 WEDDING DATE: Nov 04, 2005

Posted: Oct 28, 2004 05:15 PM

Just out of curiostiy for you homeowners

How much do you think the average homeowner puts down on their house these days? Is 10% too little?

I have 2 friends who work in mortgages, and so many people are doing 0% down now...wouldn't the monthly mortgage be way too much?

Sorry but I am ignorant to the process.

lilmrs Posted: Oct 28, 2004 05:16 PM+

lilmrs MEMBER SINCE: 5/02 TOTAL POSTS : 12030 WEDDING DATE: May 17, 2003

Posted: Oct 28, 2004 05:16 PM

Re: Just out of curiostiy for you homeowners

We did very little down (almost 0) and our mortgage is not that bad. If you pay any less than 20% you are going to have to pay PMI. Our PMI is about 160 per month extra.

Valentinegirl Posted: Oct 28, 2004 05:17 PM+

Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010

Posted: Oct 28, 2004 05:17 PM

Re: Just out of curiostiy for you homeowners

We put 5% down and paid closing cost up front which were like $10,000.

don424 Posted: Oct 28, 2004 05:17 PM+

don424 MEMBER SINCE: 3/04 TOTAL POSTS : 6463 WEDDING DATE: Oct 12, 2002

Posted: Oct 28, 2004 05:17 PM

Re: Just out of curiostiy for you homeowners

we have a co-op which is cheaper than a house but we still pay a mortgage

we put 20% down at a total cost of approx $170K and are still paying close to $1000 a month for the mortgage

Valentinegirl Posted: Oct 28, 2004 05:19 PM+

Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010

Posted: Oct 28, 2004 05:19 PM

Re: Just out of curiostiy for you homeowners

Posted by lilmrs

We did very little down (almost 0) and our mortgage is not that bad. If you pay any less than 20% you are going to have to pay PMI. Our PMI is about 160 per month extra.

We don't have to pay PMI cause we got 2 seperate loans. Its called a piggy back loan to avoid PMI.

lilmrs Posted: Oct 28, 2004 05:23 PM+

lilmrs MEMBER SINCE: 5/02 TOTAL POSTS : 12030 WEDDING DATE: May 17, 2003

Posted: Oct 28, 2004 05:23 PM

Re: Just out of curiostiy for you homeowners

With piggy backs can you get a fixed rate or is it floating?

RVCBride Posted: Oct 28, 2004 05:28 PM+

RVCBride MEMBER SINCE: 9/04 TOTAL POSTS : 798 WEDDING DATE: Nov 04, 2005

Posted: Oct 28, 2004 05:28 PM

Re: Just out of curiostiy for you homeowners

I am so suprised about the low % of down payments. Not ready for a big house just quite yet. I did however always plan on putting 10% down. That PMI fluctuates based on what? The down payment, or monthly mortgage?

Valentinegirl Posted: Oct 28, 2004 05:39 PM+

Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010

Posted: Oct 28, 2004 05:39 PM

Re: Just out of curiostiy for you homeowners

Posted by lilmrs

With piggy backs can you get a fixed rate or is it floating?

We have an 80% fixed rate loan and the other is 15% adjustable rate. The adjustable is only 4.5% now though.

Jenny5150 Posted: Oct 28, 2004 08:55 PM+

Jenny5150 MEMBER SINCE: 7/02 TOTAL POSTS : 4177 WEDDING DATE: Sep 20, 2003

Posted: Oct 28, 2004 08:55 PM

Re: Just out of curiostiy for you homeowners

We put down 10% on a 30 yr fixed rate jumbo loan. We ended up refinancing about a year later and were able to drop the PMI.

Charly Posted: Oct 28, 2004 10:09 PM+

Charly MEMBER SINCE: 10/03 TOTAL POSTS : 1801 WEDDING DATE: Nov 07, 2004

Posted: Oct 28, 2004 10:09 PM

Re: Just out of curiostiy for you homeowners

I only put down 5%....we are paying for our own wedding (in 9 days!!) and needed our cash for that.

We did an 80/15/5 mortgage to stay out of PMI.

Our mortgage payments are equivlant to what our rent for our NYC apt was...so it wasn't too much of shock...but it depends on what you consider high.

FM me if you have any quesitons!!

Good luck!

jacardi Posted: Oct 29, 2004 09:59 AM+

jacardi MEMBER SINCE: 3/04 TOTAL POSTS : 471 WEDDING DATE: Jul 10, 2004

Posted: Oct 29, 2004 09:59 AM

Re: Just out of curiostiy for you homeowners

Posted by Valentinegirl

Posted by lilmrs

We did very little down (almost 0) and our mortgage is not that bad. If you pay any less than 20% you are going to have to pay PMI. Our PMI is about 160 per month extra.

We don't have to pay PMI cause we got 2 seperate loans. Its called a piggy back loan to avoid PMI.

this is exactly what we did with the house we live in.
we did however buy a 2nd 2 family investment house with no $$ down and 2 morgages to avoid PMI, helps to have family in the morgage biz

(trying to get into the rela estate investment business to make some extra $$)

StepherG Posted: Oct 29, 2004 10:01 AM+

StepherG MEMBER SINCE: 7/03 TOTAL POSTS : 1940 WEDDING DATE: Aug 01, 2004

Posted: Oct 29, 2004 10:01 AM

Re: Just out of curiostiy for you homeowners

When we bought our 1st house we put down 3%. Then later refinanced and dropped the PMI.

Who cares HOW you have to do it...the point was getting the house!

nov04LIbride Posted: Oct 29, 2004 10:03 AM+

nov04LIbride MEMBER SINCE: 3/04 TOTAL POSTS : 8140 WEDDING DATE: Nov 06, 2004

Posted: Oct 29, 2004 10:03 AM

Re: Just out of curiostiy for you homeowners

We put down 25% to make the monthly payments managable and still be able to save monthly for a larger home...It's doable with less, but we knew we still wanted to save a great deal...