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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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If you bought or are thinking of buying a house...
How much did you put down or how much are you thinking to put down?
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Posted 3/6/06 3:55 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: If you bought or are thinking of buying a house...
as little as possible- I would say about 10% or less depending
since my DH owns a mortgage company he is going to do some creative finacing for us- I just pick the house- he will handle the rest
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| Posted 3/6/06 4:01 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: If you bought or are thinking of buying a house...
Less than $25,000, we only put 5% down, and took an 80-15-5 mortgage.
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| Posted 3/6/06 4:02 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: If you bought or are thinking of buying a house...
You want to try to put down as much as needed avoid PMI and taking out untraditional mortgages.
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| Posted 3/6/06 4:04 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: If you bought or are thinking of buying a house...
Posted by shamrock12472
You want to try to put down as much as needed avoid PMI and taking out untraditional mortgages.
This is why when the time comes, we will probably put down 20%, whatever that ends up being.
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| Posted 3/6/06 4:06 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: If you bought or are thinking of buying a house...
I'm not sure if I skewed your results. I answered but we bought a co-op, not a house.
Anyway, we were required to put down 20%. It's good in that we won't have PMI, though. But, for PMI you can be reassessed (for a fee, of course  ) and if your property has increased in value by X% (not sure what it is), you no longer have to pay it. If you are planning on purchasing a fixer-upper and doing the majority of that work immediately, it may be in your best financial interests to put down less, deal with the PMI for a few months and reassess when you're done.
There's a lot that goes into these decisions so what is best for someone might not be best for you.
Good luck 
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| Posted 3/6/06 4:09 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: If you bought or are thinking of buying a house...
I'm planning to buy land this coming spring or summer, and then build my house summer fall of 2007. I'm using the land as my down payment.
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| Posted 3/6/06 4:11 PM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: If you bought or are thinking of buying a house...
Posted by Leeners
I'm not sure if I skewed your results. I answered but we bought a co-op, not a house.
Anyway, we were required to put down 20%. It's good in that we won't have PMI, though. But, for PMI you can be reassessed (for a fee, of course ) and if your property has increased in value by X% (not sure what it is), you no longer have to pay it. If you are planning on purchasing a fixer-upper and doing the majority of that work immediately, it may be in your best financial interests to put down less, deal with the PMI for a few months and reassess when you're done.
There's a lot that goes into these decisions so what is best for someone might not be best for you.
Good luck
I'm actually not looking to buy a house. We were having a conversation at work and someone mentioned that they didn't put anything down. I was wondering how many people actually do that these days but then and there, there's PMI and also your mortgage payment every month is higher. I also mentioned to my coworker that it depends a lot on how much the house costs and the taxes.....
I was wondering what kind of consensus was here since I know a few people on here are looking for houses.
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| Posted 3/6/06 4:12 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: If you bought or are thinking of buying a house...
100% finacing is more common outside of NY- but it is possible
my DH wants to do this- but I perfer to put something down if only to make the payment smaller
not sure what his reasoning is- but I will ask him
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| Posted 3/6/06 4:14 PM |
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trnity44
I hope you stay beautiful baby
Member since 5/05 8356 total posts
Name:
Liz
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Re: If you bought or are thinking of buying a house...
We put down alot- more than recommended, so that our mortage would be affordable.
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| Posted 3/6/06 4:42 PM |
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my3bugs
Mom of 2 Boys
Member since 5/05 4381 total posts
Name:
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Re: If you bought or are thinking of buying a house...
We put down over 20% - so it was over the ranges you listed.
Message edited 3/7/2006 10:10:51 AM.
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| Posted 3/6/06 4:43 PM |
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CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
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Re: If you bought or are thinking of buying a house...
we put 5% down.
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| Posted 3/6/06 4:45 PM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: If you bought or are thinking of buying a house...
We put just over 30% down.
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| Posted 3/6/06 4:47 PM |
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kms717
St Philomena Protect My Son
Member since 2/06 2747 total posts
Name:
Kelly
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Re: If you bought or are thinking of buying a house...
We put 10% down and did two mortgages to avoid PMI
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| Posted 3/6/06 4:51 PM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: If you bought or are thinking of buying a house...
We plan to put 20-25% down or more if we can. That will be about $125k or a bit more for us.
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| Posted 3/6/06 5:11 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: If you bought or are thinking of buying a house...
I didn't answer because we only put $10K down on the price of the house. We did lay out an additional $12K for closing costs.
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| Posted 3/6/06 5:43 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: If you bought or are thinking of buying a house...
We're putting down 20% plus about $15k in closing costs.
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| Posted 3/6/06 6:00 PM |
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Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
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Re: If you bought or are thinking of buying a house...
Posted by kms717
We put 10% down and did two mortgages to avoid PMI
same here.
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| Posted 3/6/06 6:33 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: If you bought or are thinking of buying a house...
I put down 5% the first time but with the money from that condo we can put down 20%now.
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| Posted 3/6/06 6:40 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: If you bought or are thinking of buying a house...
we will be putting a little over 140K
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| Posted 3/6/06 6:45 PM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: If you bought or are thinking of buying a house...
We did an 80/15/5 loan.
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| Posted 3/6/06 6:45 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: If you bought or are thinking of buying a house...
as little as possible
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| Posted 3/6/06 6:45 PM |
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CunningOne
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Member since 5/05 26975 total posts
Name:
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Re: If you bought or are thinking of buying a house...
WE put down 33% back in 2000. Our home was half of what it goes for now!
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| Posted 3/6/06 7:03 PM |
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nferrandi
too excited for words
Member since 10/05 18538 total posts
Name:
Nicole
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Re: If you bought or are thinking of buying a house...
Our friends who recently bought a house in Nebraska didn't put anything down. They had intentions of putting $$ down, but there really was no need. Their mortgage and taxes are only $1000 a month and they were able to hold on to their savings. Granted, their 3 bedroom house only cost them $138,000.
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| Posted 3/6/06 7:11 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: If you bought or are thinking of buying a house...
We had a house to sell so we put down over 50% on the second house.
When DH bought the first house he put down 20% or 30K... granted this was 1998 and the house was 150K... we sold in August for 445K.
The people that bought the house we sold for $445K only put down 30K.
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| Posted 3/6/06 8:06 PM |
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