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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Jumbo Mortgage??
Does anyone have a jumbo mortgage? Is it better to do that or a HELOC when buying a home and putting down 10%?
Any opinions welcome!
Message edited 1/27/2006 12:13:49 PM.
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Posted 1/27/06 12:13 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Jumbo Mortgage??
WE DID A HELOC FOR THE DIFFERE WE DIDNT HAVE 20% IM KICKING MYSELF IN TEH *** NOW
IT ***** THE RATES HAVE GONE FROM 6.5 TO 8.5 IT WILL TAKE US FOREVER TO PAY OFF. AND WE SEND AN EXTRA 600 A MONTH TO PAY IT OFF QUICKER
TAKE A JUMBO AND PAY PMI IS MY ADVICE..JMO
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| Posted 1/27/06 12:34 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Jumbo Mortgage??
Posted by schnapy
TAKE A JUMBO AND PAY PMI IS MY ADVICE..JMO
Why would you recommend paying PMI? PMI is a WASTE no matter how you look at it. Its just a way for the bank to make more cash for themselves.
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| Posted 1/27/06 1:03 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Jumbo Mortgage??
Lullabella and schnapy, you both have FM
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| Posted 1/27/06 1:09 PM |
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Mbarrette00
LIF Zygote
Member since 11/05 10 total posts
Name:
Maria
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Re: Jumbo Mortgage??
Hi all. I am new to LIfamilies. I have been wondering the same thing about mortgages. My dh are going to start looking at houses in the next few months, but are not going to put a lot of money down. We may even do 100% financing. Has anyone done this? What is HELOC? I am very new to this home and mortgage hunting. Any advice would be greatly appreciated.
Thanks,
Maria
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| Posted 1/27/06 2:00 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Jumbo Mortgage??
DJ Pill
I recommended it because you will hit reaching your full equity amount before you ever get to pay off your second mortgage.
I said it was just my opinion. 
I guess I should have really suggested finding a HELOC with a fixed rate..
Message edited 1/27/2006 2:06:27 PM.
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| Posted 1/27/06 2:04 PM |
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Nik09
LIF Adult
Member since 5/05 1982 total posts
Name:
Nikole
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Re: Jumbo Mortgage??
We paid PMI on our first house and were able to take it off within a year because the prices of the homes went up. I guess you just have to do the math and see what is most cost effective.
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| Posted 1/27/06 3:04 PM |
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anon
where's winter?
Member since 11/05 2209 total posts
Name:
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Re: Jumbo Mortgage??
we have a jumbo and did 80/10/10.
we pay an extra 1000/month, plus bonus' to pay off the home equity. our original goal was to have it all paid off in 2 years, but with  on the way that timeline may need to be adjusted...
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| Posted 1/27/06 3:44 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Jumbo Mortgage??
Posted by Mbarrette00
Hi all. I am new to LIfamilies. I have been wondering the same thing about mortgages. My dh are going to start looking at houses in the next few months, but are not going to put a lot of money down. We may even do 100% financing. Has anyone done this? What is HELOC? I am very new to this home and mortgage hunting. Any advice would be greatly appreciated.
Thanks,
Maria
Mbarrette00, you have FM
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| Posted 1/27/06 7:20 PM |
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