just curious as to where everyone has purchased a home... and if you dont mind me asking, what kind of % did you put down, what is a pmi? how much were closing costs... if you dont want to divuldge info, you can fm me, im just trying to teach myself about this since this is our next project- buying ahome...
thanks!!
Kelly9904
Posted:
Member since
Re: where is everyone living???
Okay, we are buying in Centereach. We are putting 20% down. PMI is (i think it stand for) personal mortgage insurance. Some banks will make you get this if you put less than 20% down, its basically to secure their investment in you. After a certain amount of time you no longer have to pay PMI as part of your monthly payment!
Try HomeBuying for Dummies, it really explains everything very simply and helps you understand the whole process better!
Good Luck and be patient! My FH and I spent about 6 months looking and finally are heading to contract on a perfect house! We are so excited!!!
Charly
Posted:
Member since
Re: where is everyone living???
We are buying in Westchester. We are putting down 5% and are doing an 80/15/5 in order to avoid paying PMI.
Jenny5150
Posted:
Member since
Re: where is everyone living???
We purchased a home in Huntington back in 2001.
Our down payment was 10%, closing costs were around 5%. We refinanced a year and a half later and as a result we were able to drop our PMI.
chmlengr
Posted:
Member since
Re: where is everyone living???
We bought in East Norwich (near Oyster Bay) in 2000, when the market wasn't as high as it is today. We put down 33% to avoid PMI, but we were paying 8.25% interest until last May, when we refinanced and got 5.25% and cut our 30 year mortgage to a 20 year and still saved on monthly payments!!
CathyB
Posted:
Member since
Re: where is everyone living???
We bought in Wantagh in January. We put 25% down (so no PMI) and I think closing costs were about 5%.
cooky11111
Posted:
Member since
Re: where is everyone living???
We built a house a half hour past binghamton we also put 25% down no PMI
lullabella
Posted:
Member since
Re: where is everyone living???
You can avoid PMI by taking out a homeequity loan or 2nd mortgage at the same time. Saves you $$$
Good Luck~~!
luvsun27
Posted:
Member since
Re: where is everyone living???
I bought a condo in NJ...I put down 5%...closing costs were about 4% of the purchase price. I paid a higher interest rate to the mortgage company (6.75%) to avoid paying PMI. Hope that helps...FM with any questions.
