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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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What percentage did you put down on your house?
Seeing the judgemental threads on here makes me wonder, what percentage most people put down or plan to put down on their houses?
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Posted 9/28/08 5:22 PM  |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: What percentage did you put down on your house?
We put down 20% to make our mortgage more affordable (for us).
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| Posted 9/28/08 6:22 PM |
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MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: What percentage did you put down on your house?
First home-10%
Second home-100%. Paid cash due to selling our first home for almost 4x what we paid.
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| Posted 9/28/08 6:39 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: What percentage did you put down on your house?
We put down over 50%.
ETA: It's not only what you put down on your house. It's knowing what you can afford and knowing that if you lose your job or lose your savings that you are willing to take responsibility for the debts you've incurred. I think that all of these "Woe is me" situations are the exception and not the rule of this financial crisis. For the most part, it's ignorant people who let someone talk them into buying a home that they probably knew in the back of their head they couldn't afford.
Message edited 9/28/2008 7:07:48 PM.
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| Posted 9/28/08 7:05 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: What percentage did you put down on your house?
First home - a condo when I was still single = 15%
Second home = 20%
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| Posted 9/28/08 7:44 PM |
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Sneezy
Thankful for my miracle!
Member since 5/05 1939 total posts
Name:
Jen
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Re: What percentage did you put down on your house?
We put down 10% and took a piggy-back loan to avoid paying PMI. We are in our house 3.5 years and have 5% (fixed) interest rates on both mortgages.
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| Posted 9/28/08 8:50 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: What percentage did you put down on your house?
Guess I should answer my own question. We did an 80-15-5. For those who aren't familiar that means we put 5% down, have a fixed loan for 80% and a home equity line of credit for 15% (that's actually fixed as well through a product Wamu offered).
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| Posted 9/28/08 8:53 PM |
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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Re: What percentage did you put down on your house?
We put down 10%, but have a no PMI mortgage.
We had the money to put down 20%, but it would have left us with no saftey net and I was uncofortable with this.
We are not in over our heads though, we spent time in grad school which limited our savings. Out mortgage is only 15% of our gross income.
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| Posted 9/28/08 9:49 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: What percentage did you put down on your house?
20%.
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| Posted 9/28/08 9:51 PM |
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mrsmck
Be a big girl!
Member since 5/05 4898 total posts
Name:
Donna
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Re: What percentage did you put down on your house?
Posted by charon54
Guess I should answer my own question. We did an 80-15-5. For those who aren't familiar that means we put 5% down, have a fixed loan for 80% and a home equity line of credit for 15%
We did this as well.
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| Posted 9/28/08 10:55 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: What percentage did you put down on your house?
Disclaimer - because I've seen this attitude on other threads - people who put down 5% instead of 20% aren't always in over their heads.
The difference between putting down 5% and 20% on our home was $57,375.00 divided by 30 years of payments is $160.00.
For two people who don't have and don't plan on having children, who make very good money, have one car, and a small home with affordable utility bills, we are doing better than fine.
We paid all our closing costs and didn't pay PMI. Plus we had liquid cash leftover for brand new furniture, improvement projects, and emergency repair situations.
Every situation is different. In their need to understand these situations, people tend to compartmentalize things. Putting less than 20% down is not always a bad thing. Interest-only mortgages have their advantages for the right borrowers. It's about people and the good or bad decisions they make with what they are offered.
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| Posted 9/29/08 7:50 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: What percentage did you put down on your house?
Posted by greenfreak
Disclaimer - because I've seen this attitude on other threads - people who put down 5% instead of 20% aren't always in over their heads.
The difference between putting down 5% and 20% on our home was $57,375.00 divided by 30 years of payments is $160.00.
For two people who don't have and don't plan on having children, who make very good money, have one car, and a small home with affordable utility bills, we are doing better than fine.
We paid all our closing costs and didn't pay PMI. Plus we had liquid cash leftover for brand new furniture, improvement projects, and emergency repair situations.
Every situation is different. In their need to understand these situations, people tend to compartmentalize things. Putting less than 20% down is not always a bad thing. Interest-only mortgages have their advantages for the right borrowers. It's about people and the good or bad decisions they make with what they are offered.
That's why I edited my post on this thread yesterday. I am the one that put if the people had put down 20% blah blah blah.... but my point was, clearly these people couldnt afford their homes. if they chose to buy a home with less than 20% and no cushion and numerous other factors, I'm sure, they acted irresponsibly. Just because you put down 5% doesnt mean you are irresponsible. We actually have an IO, but we are intelligent people who know what we are doing. People who don't understand what an IO ARM is have no business getting one. KWIM?
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| Posted 9/29/08 8:06 AM |
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Jenn627
Laaaaaaaambert!
Member since 5/08 9818 total posts
Name:
Jenn
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Re: What percentage did you put down on your house?
We put down 20% and still had to pay PMI.
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| Posted 9/29/08 10:38 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: What percentage did you put down on your house?
We put done 3%. Then had to borrow 3% for closing cost, lol. Then we had an extra $5k 'insurance one time payment' (FHA loan) that had to be paid at closing but was bulit into our mortgage. So, we ended up having a mortgage that was actually higher then our purchase price. And for the record - We are doing fine with the payments. ;)
Message edited 9/29/2008 11:07:42 AM.
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| Posted 9/29/08 11:07 AM |
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jennyb
Expecting #3 in Sept!
Member since 8/07 2174 total posts
Name:
Jen LIW: jenafee
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Re: What percentage did you put down on your house?
20%
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| Posted 9/29/08 11:08 AM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: What percentage did you put down on your house?
We put down 10% and didn't pay PMI. We made sure we had some money left over for necessary home improvements that couldn't wait, like getting the roof fixed. We purchased a smaller house that was well within our means. We would have loved to purchase a larger home but we knew that it would be too tight and we weren't willing to possibly lose our home.
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| Posted 9/29/08 11:15 AM |
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MikesCutie
May 26, 2007
Member since 12/07 1478 total posts
Name:
Marianne
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Re: What percentage did you put down on your house?
We put down 20%
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| Posted 9/29/08 11:18 AM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: What percentage did you put down on your house?
When we buy we'll put down 20%.
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| Posted 9/29/08 11:23 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: What percentage did you put down on your house?
We put down 35%. We could of put down more but dh wanted to do a huge renovation to the house and didn't want to take out any loans to pay for it
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| Posted 9/29/08 11:43 AM |
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Luv2bAmom
LIF Adult
Member since 2/08 1255 total posts
Name:
J
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Re: What percentage did you put down on your house?
We put down 20% which still left us awith a very good amount of savings in the bank, we didn't see the need to put down more than 20%.
Message edited 9/29/2008 12:31:32 PM.
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| Posted 9/29/08 12:28 PM |
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Luv2bAmom
LIF Adult
Member since 2/08 1255 total posts
Name:
J
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Re: What percentage did you put down on your house?
Posted by greenfreak
Disclaimer - because I've seen this attitude on other threads - people who put down 5% instead of 20% aren't always in over their heads.
The difference between putting down 5% and 20% on our home was $57,375.00 divided by 30 years of payments is $160.00.
For two people who don't have and don't plan on having children, who make very good money, have one car, and a small home with affordable utility bills, we are doing better than fine.
We paid all our closing costs and didn't pay PMI. Plus we had liquid cash leftover for brand new furniture, improvement projects, and emergency repair situations.
Every situation is different. In their need to understand these situations, people tend to compartmentalize things. Putting less than 20% down is not always a bad thing. Interest-only mortgages have their advantages for the right borrowers. It's about people and the good or bad decisions they make with what they are offered.
I agree but at the same time you must admit that if a person cannot save up enough to put down 20% for a house or close to it, it seems that they are livign paycheck to paycheck, so it makes me think that if they god forbid lost their job they could easily default on their loan.
Ofcourse this is not the case for eveyone.
Message edited 9/29/2008 12:42:50 PM.
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| Posted 9/29/08 12:39 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: What percentage did you put down on your house?
Posted by Luv2bAmom
Posted by greenfreak
Disclaimer - because I've seen this attitude on other threads - people who put down 5% instead of 20% aren't always in over their heads.
The difference between putting down 5% and 20% on our home was $57,375.00 divided by 30 years of payments is $160.00.
For two people who don't have and don't plan on having children, who make very good money, have one car, and a small home with affordable utility bills, we are doing better than fine.
We paid all our closing costs and didn't pay PMI. Plus we had liquid cash leftover for brand new furniture, improvement projects, and emergency repair situations.
Every situation is different. In their need to understand these situations, people tend to compartmentalize things. Putting less than 20% down is not always a bad thing. Interest-only mortgages have their advantages for the right borrowers. It's about people and the good or bad decisions they make with what they are offered.
I agree but at the same time you must admit that if a person cannot save up enough to put down 20% for a house or close to it, it seems that they are livign paycheck to paycheck, so it makes me think that if they god forbid lost their job they could easily default on their loan.
Ofcourse this is not the case for eveyone.
Are you saying that just bc someone can't save up $60,70 or even 80K that they are living paycheck to paycheck and would not be able to afford a house? It is very difficult to save up that kind of money for many young couples just starting out. I give sooooo much credit to those who did, but I also understand that there is a reality that most can not do this. And I hate to hear people put others down (not you, just in general) when they say they can't have that kind of DP. We put 3% down and we are making the payments just fine.
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| Posted 9/29/08 1:00 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What percentage did you put down on your house?
20%
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| Posted 9/29/08 1:01 PM |
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MetsGirl07
LIF O2 Vendor
Member since 12/07 16202 total posts
Name:
Deanna
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Re: What percentage did you put down on your house?
20%
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| Posted 9/29/08 1:05 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: What percentage did you put down on your house?
Posted by Lake0703
Posted by Luv2bAmom
Posted by greenfreak
Disclaimer - because I've seen this attitude on other threads - people who put down 5% instead of 20% aren't always in over their heads.
The difference between putting down 5% and 20% on our home was $57,375.00 divided by 30 years of payments is $160.00.
For two people who don't have and don't plan on having children, who make very good money, have one car, and a small home with affordable utility bills, we are doing better than fine.
We paid all our closing costs and didn't pay PMI. Plus we had liquid cash leftover for brand new furniture, improvement projects, and emergency repair situations.
Every situation is different. In their need to understand these situations, people tend to compartmentalize things. Putting less than 20% down is not always a bad thing. Interest-only mortgages have their advantages for the right borrowers. It's about people and the good or bad decisions they make with what they are offered.
I agree but at the same time you must admit that if a person cannot save up enough to put down 20% for a house or close to it, it seems that they are livign paycheck to paycheck, so it makes me think that if they god forbid lost their job they could easily default on their loan.
Ofcourse this is not the case for eveyone.
Are you saying that just bc someone can't save up $60,70 or even 80K that they are living paycheck to paycheck and would not be able to afford a house? It is very difficult to save up that kind of money for many young couples just starting out. I give sooooo much credit to those who did, but I also understand that there is a reality that most can not do this. And I hate to hear people put others down (not you, just in general) when they say they can't have that kind of DP. We put 3% down and we are making the payments just fine.
I totally agree! If anything, the people who put less money down have to be making more money becuase their mortgages are higher. We have never lived paycheck to paycheck and yet chose to purchase a house without putting 20% down.
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| Posted 9/29/08 1:33 PM |
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