It would not be so overwhelming if the taxes were not so high. We just started looking.. we are looking in Babylon, Babylon Village, and even started looking out east in Kings PArk, Commack.. Realisticly, do you HAVE to have 10-20% for a down payment? Of course having that would make the mortgage payments less but.. those who are in the same boat as I am please give some advice.. It's quite depressing.
ejm1219
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Re: REPOST from 06m board re: houses on LI
I looked this weekend for a coop all weekend and realized it is so much better for a house. I don't think you have to put that much down but it is more money in mortgage to be honest!
ssdbk
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Re: REPOST from 06m board re: houses on LI
Posted by BellaEyes
It would not be so overwhelming if the taxes were not so high. We just started looking.. we are looking in Babylon, Babylon Village, and even started looking out east in Kings PArk, Commack.. Realisticly, do you HAVE to have 10-20% for a down payment? Of course having that would make the mortgage payments less but.. those who are in the same boat as I am please give some advice.. It's quite depressing.
It's certainly better to have 10-20% for a down payment. If you don't have that then you really have to make sure that your monthly payment is something that you can do, even if you don't get that next raise, next bonus, etc. Taxes are a huge issue even when you do put a big chunk down!
If you are looking in Babylon and Babylon village, I would not consider Commack or KP to be 'out east:' compared to those towns. They're all similarly situated with respect to the east/west thing.
csorisi
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Re: REPOST from 06m board re: houses on LI
We bought a house in sayville and only put 5% down and took out 2 mortgages. 80/15--it worked out for us, but you have to be careful--some of the 2nd mortgages if not most are usually adjustable rates--ours was and our 2nd payment was double our first just because of the interest rates at the time. Since then we have refinanced our second to get a fixed rate but if you aren't careful it can be overwhelming.
We have friends that put down 3% but took out 100% financing--so depending on what you can afford monthly will determine what you 'need' to put down.
Also I suggest paying your own taxes if you don't find it to be a pain in the a$$ because it saves you alot of money at closing and you get to earn the interest off your own money.
Good luck it is very stressful but in the end it is worth it.
MayBride06
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Re: REPOST from 06m board re: houses on LI
we are only putting down 10% and doing an 80/10 loan! Get a mortgage person you can trust they will help you!!!
N.Y.bride
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Re: REPOST from 06m board re: houses on LI
We only have about 12,000 saved and in stocks... but we are going to have to borrow from my husbands 401K or something..
BTW, How much are closing costs about?
MrsD06
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Re: REPOST from 06m board re: houses on LI
bumping..I would also like to know about closing costs
we're not ready...yet....but I want to know when we 'will' be ready..if that makes any sense
Meaghan729
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Re: REPOST from 06m board re: houses on LI
my cc were about 4% of the purchase price.
it depends on r/e taxes, mortgage recording tax, etc.
mhermanns
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Re: REPOST from 06m board re: houses on LI
It also depends on the amount of money you borrow, what time of the month you close,etc. I work for Chase Bank and am a loan officer. If anyone would like me to 'run numbers' for them (at the same time, I like to take a look at your credit and let you know if there is anything on there that you should take care of before trying to get into a house, to make the process easier) I would be MORE than happy to help you. I would NEVER go to a broker unless you know them very well....for the most part, they will try to take you for all you've got. Try to stick with a bank and only go through the bank, not a third party. In any case, if you want an idea and some numbers, FM me. Like I said, I do this all day long...you are under NO obligation to do your loan with me...I just like to help out, as I know what its like to get a loan on the Island. Also, if you think that your credit isn't really the greatest, that's my specialty! I work basically with people that have 'less than perfect credit' and also great credit. Feel free to ask..no question is a dumb question!
