How much did you put down as a down payment? You can FM if you want.
I think we are only going to be able to put down 20-30K.
Is that enough?? Are mortage is going to be insane right?!?! I know it depends on the house, but we want something in Queens or Western Nassau.
I'm clueless with this stuff so would love to hear from girls who did it or are in the process of buying.
Maybe we should just but a condo...
latinaj
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really depends on the price of the house
and if you're goign to pay points and closing costs...
brittndave
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we're in the process of buying in western nassau right now. it all depends on the price of the house... if you can put down 20% and not have to pay points, that's better. we're putting down 35% and the sale price is $395,000
FallBride2010
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Each situation is different and will depend on your credit, price of the house etc.
Also, add your taxes into your monthy payment. I wasnt even thinking of them when we bought our house. The mortgage sounded great...and then they added nearly $900 a month in taxes!
jackieee
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Posted by brittndave
we're in the process of buying in western nassau right now. it all depends on the price of the house... if you can put down 20% and not have to pay points, that's better. we're putting down 35% and the sale price is $395,000
Wow $395,000 for western Nassau isnt' bad at all! Where if you dont mind me asking?
What do pay points mean? I know nothing! Is that like PMI? or something like that
christine2010
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like the others said it really depends on how much the house is. if its $30K on a house that's $400,000 that comes to 7.5% & it is going to leave you with a big mortgage. i personally wouldn't feel comfortable doing that
brittndave
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points are basically prepaid interest that lower your interest rate but require cash upfront to 'buy' the points. fha loans don't require as much down but they have higher interest rates or you have to pay points or pmi to get them down/pay the difference/etc
we're buying in floral park
GiannisWifey
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it really depends on the price range of houses you are looking at and how much you can afford to pay each month in mortgage (keep in mind all the expenses that come along with having a house too; bills, taxes, maintenance, insurance, etc).....
we are trying to look in a price range up to (no more than!) 430 and hoping to down between 30-35%.....we are also lookng for something much cheaper and hoping to knock it down and have FH rebuild it.....
try to figure out what you are comfortable paying in mortgage payments each month and hopefully that will help you come up with a # that you and FH can manage to put down and afford each month!
stinenandy2010
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Like the other girls say it really depends on the price of the home. We put down 10%, we could have put down the mandatory 20% but then that would have wiped out our savings. We have a FHA loan so we have to pay PMI for 5 years. If you get a conventional loan and don't have 20%, you pay PMI until you reach the 20% which could be a long time. So I would look into the FHA loans. My mortgage rate is 5%, it looks like rates are still around there which is great.
I know someone mentioned something about taxes, definitely ask about that. The woman who lived in our house before was 90 years old and had all these tax credits, so her property tax was only $1800!!! Well clearly went up ALOT when we bought the house.
Feel free to FM me, I did so much research when we purchased our home.
eta: I know someone also mentioned something about FHA rates being higher, not true, our rate with the FHA loan was lower then the conventional loan.
latinaj
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we also have a FHA loan our interest rate is at 5% but had to pay 1 point to get it to 5% we put down 13% (random # i know, but we wanted to put down as much as possible)
runnerbride1023
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Due to the credit crisis, some bank may not even give you a loan without a down payment closer to 20%. Have you tried speaking to your bank to see if they would approve your mortgage? If you dont put down 20% you have to pay PMI too.
