| Posted By |
Message |
starryeyes
Baby number 2 is on its way!
Member since 9/06 2020 total posts
Name:
Kristin
|
home owners
I am looking to buy a house in a year.
I have about 30k in the bank..hopefully in a year itll be more.
I was just wondering if anyone could give me an idea of how far thatll take me.
If possible, some examples would be great, of maybe down payments and mortgage amount.
Thanks for the help!!
ETA: Im sure Ive asked this before, I'm just looking now and am curious.
Message edited 9/9/2007 12:19:19 PM.
|
Posted 9/9/07 12:16 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
|
Re: home owners
It all depends on how much you are planning to spend on a house......
|
| Posted 9/9/07 1:25 PM |
| |
|
|
|
Re: home owners
You want to put down 20% on a home. Of what you have saved now figure half of that will go towards closing costs (approx. 15k).
And that ALL depends on how much your house costs.
Good luck! 
|
| Posted 9/9/07 1:41 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: home owners
with the way mortgages are today, I would think that you would want to put down at least 10% to get a reasonable mortgage rate.
$400,000 house
$40K down
$15K closing costs
finance $360,000 at 6.5%
monthly payment about $2900 with PMI and taxes of about $5K/year.
that's just an example. Keep in mind though that you will need money for other things once you move in. Don't leave your bank account empty of you can help it.
Also, there are still mortgage companies that will give you a mortgage with 5% or 3% down, but your interest rate will be higher.
It just depends on what is important to you.
|
| Posted 9/9/07 1:44 PM |
| |
|
starryeyes
Baby number 2 is on its way!
Member since 9/06 2020 total posts
Name:
Kristin
|
Re: home owners
thanks
|
| Posted 9/9/07 2:44 PM |
| |
|
GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
|
Re: home owners
I would XP this in the Home section. There are a lot of discussions on this topic, and a lot of people going through the same process.
|
| Posted 9/10/07 12:02 PM |
| |
|
njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
|
Re: home owners
there are ways that you can put down 10% percent and do a Home Equity Loan aka piggy back loan that would make up your 20% down payment and you would avoid the PMI.
I have a mortgage who works at Chase in NYC. he's great! fm me if you his info he can talk to you over the phone about your loan options.
|
| Posted 9/10/07 1:56 PM |
| |
|
Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
|
Re: home owners
Posted by njbound07
there are ways that you can put down 10% percent and do a Home Equity Loan aka piggy back loan that would make up your 20% down payment and you would avoid the PMI.
I have a mortgage who works at Chase in NYC. he's great! fm me if you his info he can talk to you over the phone about your loan options.
We did the same thing, I wanted to have more cushion in the bank so we did it this way.
|
| Posted 9/10/07 2:01 PM |
| |
|
ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
|
Re: home owners
Posted by Mrs-D-Girl
Posted by njbound07
there are ways that you can put down 10% percent and do a Home Equity Loan aka piggy back loan that would make up your 20% down payment and you would avoid the PMI.
I have a mortgage who works at Chase in NYC. he's great! fm me if you his info he can talk to you over the phone about your loan options.
We did the same thing, I wanted to have more cushion in the bank so we did it this way.
We did it too, we figured after closing costs and improvements that we wanted/needed to make, it was the best option.
|
| Posted 9/10/07 2:11 PM |
| |
|
kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
|
Re: home owners
Posted by LaPetiteSirène
You want to put down 20% on a home. Of what you have saved now figure half of that will go towards closing costs (approx. 15k).
And that ALL depends on how much your house costs.
Good luck!
I dont' personally thing 20% is neccessary. 10% is more than ok to put down on a house. Plus, CC are based on your purchase price. Our CC were only around 8K, because we purchased a townhouse for $272K.
|
| Posted 9/10/07 2:22 PM |
| |
|
njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
|
Re: home owners
Posted by kerrycec03
Posted by LaPetiteSirène
You want to put down 20% on a home. Of what you have saved now figure half of that will go towards closing costs (approx. 15k).
And that ALL depends on how much your house costs.
Good luck!
I dont' personally thing 20% is neccessary. 10% is more than ok to put down on a house. Plus, CC are based on your purchase price. Our CC were only around 8K, because we purchased a townhouse for $272K.
it is necessary.. to somehow cover the 20% down payment. Wether you have the full 20% or even if you have 10%. You will get a better interest rate and you avoid the PMI.
|
| Posted 9/10/07 3:37 PM |
| |
|
kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
|
Re: home owners
I put 10% and didn't have PMI's. In fact, many of us on here didn't get PMI's with 10% down.
|
| Posted 9/10/07 3:43 PM |
| |
|
LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
|
Re: home owners
If you are putting down less than 20% you should pay PMI upfront. They simply add it to the back of you loan and over 30years comes out to about a few bucks more a month. Piggybacking a loan, you will always pay more. The interest alone will be more than if you simply paid PMI. Piggybacking is never a good idea. And your rate will largly depend on your credit score. Putting down 10% instead of 20% would not change your rate at all and you wont have to worry about paying the extra interest on a piggyback which is usually higher than you mail loan.
|
| Posted 9/10/07 4:23 PM |
| |
|
Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
|
Re: home owners
Posted by LeShellem
If you are putting down less than 20% you should pay PMI upfront. They simply add it to the back of you loan and over 30years comes out to about a few bucks more a month. Piggybacking a loan, you will always pay more. The interest alone will be more than if you simply paid PMI. Piggybacking is never a good idea. And your rate will largly depend on your credit score. Putting down 10% instead of 20% would not change your rate at all and you wont have to worry about paying the extra interest on a piggyback which is usually higher than you mail loan.
This is not always the case, I have done the #'s backwards and forward and it worked out to be cheaper in the long run doing a piggyback loan. As far as putting 10% or 20% down, it does in fact change your rate because you are borrowing more $$ from the bank.
|
| Posted 9/10/07 4:47 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: home owners
Posted by njbound07
there are ways that you can put down 10% percent and do a Home Equity Loan aka piggy back loan that would make up your 20% down payment and you would avoid the PMI.
I have a mortgage who works at Chase in NYC. he's great! fm me if you his info he can talk to you over the phone about your loan options.
we did this too. Then a few years later we refinanced.
|
| Posted 9/10/07 4:51 PM |
| |
|
JMC1014
We got a puppy!!
Member since 5/07 1420 total posts
Name:
J
|
Re: home owners
Posted by ali120206
Posted by Mrs-D-Girl
Posted by njbound07
there are ways that you can put down 10% percent and do a Home Equity Loan aka piggy back loan that would make up your 20% down payment and you would avoid the PMI.
I have a mortgage who works at Chase in NYC. he's great! fm me if you his info he can talk to you over the phone about your loan options.
We did the same thing, I wanted to have more cushion in the bank so we did it this way.
We did it too, we figured after closing costs and improvements that we wanted/needed to make, it was the best option.
We are currently doing the same thing (though Citibank). We need the $ in our savings to make improvements on the house and to keep a cushion in the bank.
|
| Posted 9/10/07 5:09 PM |
| |
|
JenandMikey
life is good =)
Member since 5/07 4216 total posts
Name:
We're so blessed!
|
Re: home owners
Posted by JMC1014
Posted by ali120206
Posted by Mrs-D-Girl
Posted by njbound07
there are ways that you can put down 10% percent and do a Home Equity Loan aka piggy back loan that would make up your 20% down payment and you would avoid the PMI.
I have a mortgage who works at Chase in NYC. he's great! fm me if you his info he can talk to you over the phone about your loan options.
We did the same thing, I wanted to have more cushion in the bank so we did it this way.
We did it too, we figured after closing costs and improvements that we wanted/needed to make, it was the best option.
We are currently doing the same thing (though Citibank). We need the $ in our savings to make improvements on the house and to keep a cushion in the bank.
we're doing the piggy back mortgage also so there's no PMI
|
| Posted 9/10/07 6:21 PM |
| |
|
