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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: spin off of buying a house
We put down 20%.
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Posted 1/6/11 7:51 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: spin off of buying a house
We put down 27%
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| Posted 1/6/11 10:47 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: spin off of buying a house
We had to with our first purchase b/c it was a coop and that was the Board's rules.
We did on our second purchase - our house - to avoid to PMI.
If you're close, can you borrow the remainder from family and pay it back? This way you avoid PMI but get to take advantage of the interest rates - 2 years is a long time in interest rate land.
Message edited 1/7/2011 8:41:59 AM.
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| Posted 1/7/11 8:41 AM |
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Jax430
Hi!
Member since 5/05 18919 total posts
Name:
Jackie
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Re: spin off of buying a house
We put down 20% in 2008, but we were in the opposite position of most people we know. We had a good amount of savings, but not the best salaries, so it was more important for us to have lower monthly mortgage payments.
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| Posted 1/7/11 8:49 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: spin off of buying a house
we made sure to save up 20% for a down payment. i couldn't imagine what our mortgage payment would be if we didn't put down the 20%.
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| Posted 1/7/11 9:02 AM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: spin off of buying a house
FHA you can put less down.
In 2004 we put down 10% but took a an HELOC for the other 10% to avoid PMI
In 2007 we put down over 20%.
Next time around....not sure.
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| Posted 1/7/11 9:10 AM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: spin off of buying a house
Posted by Jax430
We put down 20% in 2008, but we were in the opposite position of most people we know. We had a good amount of savings, but not the best salaries, so it was more important for us to have lower monthly mortgage payments.
same with us. we don't make much but had the 20% to put down. it was important to have the lowest mortgage payment amount for us
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| Posted 1/7/11 9:11 AM |
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dapnkap
Our 3 angels
Member since 7/07 4824 total posts
Name:
Karen
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Re: spin off of buying a house
We put 20% down when we purchased our home in 2003.
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| Posted 1/7/11 10:56 AM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: spin off of buying a house
in 2008, we put 10% down. at that time, only 5% was required for our mortgage.
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| Posted 1/7/11 12:39 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: spin off of buying a house
we put 10% down in 07, but used the rest of our $$ for renovations. we got a mtg w/ no pmi and no HELCOC, its just one mortgage, so it was worth not putting more down, we bought a house well within our means so our mortgage is not crazy.
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| Posted 1/7/11 12:58 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: spin off of buying a house
we put 20% bc we didn't want to pay PMI. my lawyer said most ppl buying from his clients are doing 5-10% , not many putting 20%
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| Posted 1/7/11 6:07 PM |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: spin off of buying a house
We put down 20%
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| Posted 1/7/11 10:19 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: spin off of buying a house
We put 20% down. This is keeping the monthly payment down and more $$$ in our pockets. We want to be able to save, do projects around the house and avoid living paycheck to paycheck.
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| Posted 1/8/11 8:47 AM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: spin off of buying a house
Posted by Megs4
We put 5% down - started with a traditional mortgage but due to a crazy chain of events in the time it took us to close, the bank stopped offering the mortgage program we had... so we wound up redoing everything with an FHA loan.
Our house needed a lot of work as well and was priced below market value (and thankfully far enough below that we are still in very good shape) so everyone we consulted agreed that less down so we had more money to make improvements was the way to go since it was a good investment.
Because we had to do a lot of stuff over, closing costs for us were well over $15,000 as well, so I am very glad we didn't put more than that down.
With an FHA loan though it's not actually PMI - it's MMI or something like that, and a lower amount monthly than we were expecting to pay initially in PMI because they roll part of it into the loan (sorry - I forget exactly how it works). However you are locked in for 5 years, whereas with PMI if you get your house reappraised and it makes up the difference between what you put down and the full 20% you can get rid of the PMI after only 1 year.
When the value of our home went up, we needed to re-finance to get rid of the PMI. Which is good, except it cost us a few thousand in closing costs. So honestly, you pay it up front with the down payment or you pay it later with PMI payments and re-fi closing costs.
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| Posted 1/8/11 9:28 AM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: spin off of buying a house
Posted by christinec2010
I personally would not put less then 20% down on a house. If that means waiting a couple of more years until we can buy something then so be it.
Agreed. with our first house we put just over 20%.
With our send (4 years ago) we put about 40% but htat included the profit from house #1.
For us it was important to have a more manageable mortgage. We didnt want to be paying 3500 in mortgage and taxes each month. Putting alot down allows me to be home with my child instead of working FT.
But each situation is different. I know people who put 3% and people who put 60%. You have to do what you are comfortable with. But especially in this economy the more the better.
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| Posted 1/8/11 9:32 AM |
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Re: spin off of buying a house
We did really to avoid PMI
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| Posted 1/8/11 9:38 AM |
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