About how much do people plan on putting for downpayment? with poll

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Re: About how much do people plan on putting for downpayment? with poll

Correct me if I' wrong here. But you write off the interest so technically wouldn't the interest be less than the 6%?

I find this stuff very confusing Chat Icon

Posted 11/7/06 3:30 PM

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tourist

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Re: About how much do people plan on putting for downpayment? with poll

We put down a lot--around 35%
We realize this, but we had to, in order to keep our deb to -income ratio low enough for the co-op board's requirements.

Posted 11/7/06 3:31 PM

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MegZee
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Re: About how much do people plan on putting for downpayment? with poll

Posted by npbride

Correct me if I' wrong here. But you write off the interest so technically wouldn't the interest be less than the 6%?

I find this stuff very confusing

thats also a very good point. you get to write off the mortgage interest on your taxes as well, so really the effective rate is lower.

Posted 11/7/06 3:33 PM

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Tine73

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Re: About how much do people plan on putting for downpayment? with poll

We plan on putting 40% down on a $450 - 500K house. We are putting so much down so our mortgage is more manageable and if I decide to become a SAHM mom, I can.

Posted 11/7/06 3:57 PM

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Beth
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Re: About how much do people plan on putting for downpayment? with poll

[

That is what a HELOC is for. Open one up after you close on the house.

QUOTE]

isn't HELOC kind of like an adjustable rate credit card?

so you end up paying more interest- which is what you were trying to aviod

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Posted 11/7/06 4:18 PM

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MrsSchwags
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Re: About how much do people plan on putting for downpayment? with poll

we put down 17,000 to hold the contract and got back 10,000 at closing. we wanted money to do some renovations

Posted 11/7/06 4:19 PM

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MegZee
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Re: About how much do people plan on putting for downpayment? with poll

For example - i pay 5 7/8% on my mortgage. My portfolio earned well over 10% this year. It makes much more sense for me to earn the 10% than to pay down a loan that I am only paying 5 7/8%.....

this is what I am trying to say. if you can invest the $ at a higher rate than your mortgage, it makes sense to do it this way.

Posted 11/7/06 4:23 PM

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lululu
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Re: About how much do people plan on putting for downpayment? with poll

Posted by Meaghan729

For example - i pay 5 7/8% on my mortgage. My portfolio earned well over 10% this year. It makes much more sense for me to earn the 10% than to pay down a loan that I am only paying 5 7/8%.....

this is what I am trying to say. if you can invest the $ at a higher rate than your mortgage, it makes sense to do it this way.

Yeah - I am basically just repeating you! Chat Icon

Posted 11/7/06 4:25 PM

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MegZee
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Re: About how much do people plan on putting for downpayment? with poll

Posted by lululu

Posted by Meaghan729

For example - i pay 5 7/8% on my mortgage. My portfolio earned well over 10% this year. It makes much more sense for me to earn the 10% than to pay down a loan that I am only paying 5 7/8%.....

this is what I am trying to say. if you can invest the $ at a higher rate than your mortgage, it makes sense to do it this way.

Yeah - I am basically just repeating you!

ah but while mine were dreamed up scenarios, you're giving the real deal Chat Icon

Posted 11/7/06 4:26 PM

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Beth
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Re: About how much do people plan on putting for downpayment? with poll

I would rather bet that I am NOT going to have an emergency and won't need to pull from it.

But like someone said there is no right and wrong I suppose. I was just trying to figure out people's reasons why they wanted to stay so liquid, yet pay interest.
:

when buying an older home- I would bet you would have some kind of major repair with in the first 2 years

it never hurts to have cash in the bank or in investments that can be easliy sold-like stocks and mutal funds

Posted 11/7/06 4:29 PM

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lululu
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Re: About how much do people plan on putting for downpayment? with poll

Posted by Beth1210

I would rather bet that I am NOT going to have an emergency and won't need to pull from it.

But like someone said there is no right and wrong I suppose. I was just trying to figure out people's reasons why they wanted to stay so liquid, yet pay interest.
:

when buying an older home- I would bet you would have some kind of major repair with in the first 2 years

it never hurts to have cash in the bank or in investments that can be easliy sold-like stocks and mutal funds

Yeah - this is an entirely seperate post altogether, but you should always have an "in case of emergency fund". Old house, new house - they all have problems, and you never want to spread yourself too thin.

Posted 11/7/06 4:32 PM

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