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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Down payment
How much did you put down for your house? What do you think the pros and cons of doing this were?
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Posted 10/29/10 10:28 AM  |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Down payment
20 %
Pros: no PMI (my biggest priority), lower mortgage balance, easy to get mortgage,
cons: hard saved money gone!, not much money for renovation so we have to do things slowly
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| Posted 10/29/10 10:53 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Down payment
we put down 17%. we wanted to put down 20 but closed right before our wedding so we couldn't afford to put down 20% and still pay for the wedding in cash.
However, after the wedding and when we got our taxes done, we paid a big chunk of the principal off so now we will be getting rid of our PMI in February!!!
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| Posted 10/29/10 11:01 AM |
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gporka23
:)
Member since 11/08 3783 total posts
Name:
:)
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Re: Down payment
I only put down 5% when i bought my condo  However, I bought it alone..before DH and I got married.
Downsides: High mortgage payment & PMI..also hard to save for a down payment on another house right now with such a large mortgage payment.
Upside: I own my own place
We are currently trying to save up $ for a house
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| Posted 10/29/10 11:12 AM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Down payment
We put down 32%. Pros - lower mortgage payments, lower interest rate, overall less stress for us.
Cons - we have no savings left.
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| Posted 10/29/10 11:15 AM |
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Re: Down payment
I'm not sure exactly but we put a lot down. I'm thinking it was around 30%. No PMI was an added bonus!!
Message edited 10/29/2010 11:24:49 AM.
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| Posted 10/29/10 11:24 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Down payment
20% no PMI... but took a lot from our savings.
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| Posted 10/29/10 11:42 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Down payment
$0  We have a VA loan.
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| Posted 10/29/10 11:53 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Down payment
We did 10%.
We bought a foreclosure that was priced very low so we had instant equity even if we put 0 down. By putting the 10% down we lowered our already low mortgage even more and still had money left to do renovations by not putting 20% down. No PMI. Can't really think of any cons...
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| Posted 10/29/10 12:07 PM |
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babyonboard11
In love with my little man!!
Member since 8/10 1841 total posts
Name:
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Re: Down payment
I think we did 33% - no PMI and a much lower mortgage payment.
The con is my saving went down a whole lot!
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| Posted 10/29/10 12:11 PM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: Down payment
We put down 20% because we did not want to pay PMI and wanted the lowest monthly payment possible.
We would have opted to put down more, but the house needed extensive renovation and so we need the cash for that.
My philosophy was the more I put down now, the more I'll have in my pocket for the next 30 years!
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| Posted 10/29/10 3:23 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Down payment
For our secondhouse we put 60% down.
Pros:
lower mortage amount and lower payment
sellers knew we were serious buyers and accepted our offer
Cons:
less money left in savings account
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| Posted 10/29/10 4:10 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Down payment
Posted by julz33
For our secondhouse we put 60% down.
Pros:
lower mortage amount and lower payment
sellers knew we were serious buyers and accepted our offer
Cons:
less money left in savings account
60% That is impressive!
We put down 20% so mortgage pymts would be reasonable
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| Posted 10/29/10 4:27 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Down payment
about 7%... yes we have PMI which sucks a little (its only $105 a month additional so it doesnt break the bank), but we got into an awesome program where we get cash back 20% of all the interest we pay each yr ... so it pays for the PMI and then some 
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| Posted 10/29/10 4:39 PM |
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mom2b
LIF Adult
Member since 5/09 1072 total posts
Name:
x
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Re: Down payment
10% and have a PMI and larger monthly mortgage.
We needed the extra $ to fix the house which was uninhabitalbe at the time
My advice to anyone who asks me is if you can put down the 20%. I pay an additional $150 in PMI a month and its been a PITA to try and have it removed 
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| Posted 10/29/10 4:53 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Down payment
we put down 3.5% which is the minimum amount they allow. We didn't have enough to put down 20% so we figured we would put a smaller amount down so we would still have some savings.
PROS: Lots of money left over for renovations and savings. Which was good because we did need it.
CONS:PMI ($114 per month)
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| Posted 10/29/10 6:12 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Down payment
20% down
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| Posted 10/29/10 7:08 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Down payment
Posted by mom2b
10% and have a PMI and larger monthly mortgage.
We needed the extra $ to fix the house which was uninhabitalbe at the time
My advice to anyone who asks me is if you can put down the 20%. I pay an additional $150 in PMI a month and its been a PITA to try and have it removed
you are right it is a PITA to get it removed, we did it for our coop had to have the place reappraised , they have time limits and all this other nonsense!
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| Posted 10/29/10 7:12 PM |
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ladyofficer
LIF Adolescent
Member since 4/09 735 total posts
Name:
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Re: Down payment
We are putting down 55%. We have it so we figured we are better putting it in the house.
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| Posted 10/29/10 7:21 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Down payment
I put down 70%. The pros are that my mortgage without taxes is very reasonable. The con is that I have to wait and do my renovations one at a time because I used all of my $$ for the down payment.
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| Posted 10/29/10 9:18 PM |
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BsMomma2014
Fly high little one
Member since 6/10 2662 total posts
Name:
nicole
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Re: Down payment
Posted by jenbill61210
20% no PMI... but took a lot from our savings.
same here
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| Posted 10/30/10 11:31 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Down payment
20%
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| Posted 10/30/10 11:37 AM |
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Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: Down payment
27%
Pros - Lower monthly expenses
Cons - We were raked through the coals and examined under a magnifying glass to make sure were not fraudulent in terms of how, when and where we got the money from. EXTREMELY frustrating.
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| Posted 10/30/10 3:51 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Down payment
Posted by Goldi0218
27%
Pros - Lower monthly expenses
Cons - We were raked through the coals and examined under a magnifying glass to make sure were not fraudulent in terms of how, when and where we got the money from. EXTREMELY frustrating.
We put down 33% and weren't raked through the coals at all, but we did have to show that it was in our accounts for the past couple years.
Pros: Lower monthly expenses
Cons: Less money in savings, but we kept enough in savings to cover any emergencies
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| Posted 10/31/10 9:46 AM |
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Sweetlax22
LIF Adult
Member since 5/10 1904 total posts
Name:
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Re: Down payment
We are 25%, I our case that is how we got the house, there were other offers the same as ours but we were putting more down so we won!
Con: Less money in savings, but hopfully that will recover bc of the lower mortgage payment
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| Posted 10/31/10 5:14 PM |
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