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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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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
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Posted 11/7/06 3:30 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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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.
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Posted 11/7/06 3:31 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name: Meaghan
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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.
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Posted 11/7/06 3:33 PM |
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Tine73
Member since 3/06 22093 total posts
Name: *********
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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.
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Posted 11/7/06 3:57 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: 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
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name: Jennifer
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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
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Posted 11/7/06 4:19 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name: Meaghan
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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.
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Posted 11/7/06 4:23 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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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!
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Posted 11/7/06 4:25 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name: Meaghan
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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
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Posted 11/7/06 4:26 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: 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
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Posted 11/7/06 4:29 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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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.
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Posted 11/7/06 4:32 PM |
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CheeChee
HI THERE!!!!
Member since 5/05 3416 total posts
Name:
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Re: About how much do people plan on putting for downpayment? with poll
We put $130,000 down...
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Posted 11/7/06 5:23 PM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name: Me
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Re: About how much do people plan on putting for downpayment? with poll
we put 10% down on our house...we were going to put 20%...but we really didn't need to plus we NEEDED to buy furniture and things for the house
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Posted 11/7/06 8:18 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: About how much do people plan on putting for downpayment? with poll
We are putting zero down but paying the closing costs.
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Posted 11/7/06 8:43 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name: Christian
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Re: About how much do people plan on putting for downpayment? with poll
22%
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Posted 11/7/06 8:49 PM |
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