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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Is anyone buying right now with 10% down?
or somewhere in that balll park? not the full 20?
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Posted 7/15/08 3:52 PM  |
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jbellis74
LIF Infant
Member since 7/08 149 total posts
Name:
Jason
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Re: Is anyone buying right now with 10% down?
We bought our home with 10% down..
we are paying PMI but as soon as we hit that 20% mark I was told we wouldnt have to pay PMI any longer..
Message edited 7/15/2008 3:57:33 PM.
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| Posted 7/15/08 3:55 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Is anyone buying right now with 10% down?
A lot of people are doing this, I did it in Oct.
There are plenty of ways to get around paying PMI.
I took a HELOC for the rest and plan on paying that off within 3 years.
I wanted to have the cushion in the bank instead.
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| Posted 7/15/08 3:55 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Is anyone buying right now with 10% down?
Posted by Mrs-D-Girl
I wanted to have the cushion in the bank instead.
this is what I want.
I am actually hoping that the appraised value of the house will give us the built in equity we need to not need any other type of loan...
fingers crossed!
ty!
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| Posted 7/15/08 4:00 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Is anyone buying right now with 10% down?
We did it only with 5% down only because we did not want to completely strain our savings.
We have to pay PMI, but i think everyone does under 20%. We got a normal, fixed rate 30 year mortgage at a good rate.
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| Posted 7/15/08 4:02 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Is anyone buying right now with 10% down?
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
We knew we had a lot of renovations with our place so to have that extra money in the bank was great.
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| Posted 7/15/08 4:07 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: Is anyone buying right now with 10% down?
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
from consumer reports
just b/c you aren't paying PMI- doesn't mean you aren't paying for it somewhere - banks are in the business of makig money
the BOA loan sounds good- but I would still shop rates and compare
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| Posted 7/15/08 4:14 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Is anyone buying right now with 10% down?
Posted by donegal419
We did it only with 5% down only because we did not want to completely strain our savings.
We have to pay PMI, but i think everyone does under 20%. We got a normal, fixed rate 30 year mortgage at a good rate.
This is untrue, I did 10% and did not pay PMI.
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| Posted 7/15/08 4:16 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: Is anyone buying right now with 10% down?
Posted by Mrs-D-Girl
Posted by donegal419
We did it only with 5% down only because we did not want to completely strain our savings.
We have to pay PMI, but i think everyone does under 20%. We got a normal, fixed rate 30 year mortgage at a good rate.
This is untrue, I did 10% and did not pay PMI.
I think that's b/c you took out a HELCO to cover the other 10%
which doesn't require PMI- but has a higher rate then a conforming loan
all conforming loans require PMI with less then 20% down
ETA- Once you LTV (loan to value)reaches 80%- you can ge the PMI removed from the loan
Message edited 7/15/2008 4:25:57 PM.
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| Posted 7/15/08 4:22 PM |
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carlowlou
loving my babies!
Member since 4/08 4594 total posts
Name:
Jen
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Re: Is anyone buying right now with 10% down?
We're closing in 2 weeks on a house, put 5% down and it's an FHA loan, 30 yr fixed at 6.25%.
We could have put down 10% but wanted to have a cushion in the bank as well. This made the most sense for us at this time.
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| Posted 7/15/08 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: Is anyone buying right now with 10% down?
Posted by carlowlou
We're closing in 2 weeks on a house, put 5% down and it's an FHA loan, 30 yr fixed at 6.25%.
We could have put down 10% but wanted to have a cushion in the bank as well. This made the most sense for us at this time.
that's a great deal!- we are most likely going to do an FHA also
you do have to pay FHA Mortgage Insurance - which is like PMI - but it ends 5 years after the loan is opened or when the LTV reaches 78%
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| Posted 7/15/08 4:30 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
from consumer reports
just b/c you aren't paying PMI- doesn't mean you aren't paying for it somewhere - banks are in the business of makig money
the BOA loan sounds good- but I would still shop rates and compare
Where else would we be paying it? We saved over $3k in closing costs and fees and got an awesome rate too (lower than two other lenders we looked into).
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| Posted 7/15/08 4:32 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: Is anyone buying right now with 10% down?
We are also doing a FHA loan with less than 10% down, we wanted a big cushion especially with  on the way and me staying home
eta: rate of 5.625%, 30 year loan. We are paying something similar to PMI that will go away in 5 years (or 22% -whichever comes first)
Message edited 7/15/2008 4:34:02 PM.
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| Posted 7/15/08 4:32 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: Is anyone buying right now with 10% down?
Posted by CaMacho
Posted by Beth1210
from consumer reports
just b/c you aren't paying PMI- doesn't mean you aren't paying for it somewhere - banks are in the business of makig money
the BOA loan sounds good- but I would still shop rates and compare
Where else would we be paying it? We saved over $3k in closing costs and fees and got an awesome rate too (lower than two other lenders we looked into).
consumer reports is saying the rate- which is why they are saying to compare rates between other banks
but if the rate you got was lower- then it worked out in your favor
from the article.....
But Bank of America compensates for assuming those costs by charging higher rates on the mortgage, which over time will more than offset up-front savings. The rates in mid-August on its no-fee loans were as much as 0.375 percent above the national average, according to Keith Gumbinger, vice president of HSH Associates, a publisher of mortgage-loan information.
Message edited 7/15/2008 4:35:53 PM.
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| Posted 7/15/08 4:35 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: Is anyone buying right now with 10% down?
Posted by Katie111806
We are also doing a FHA loan with less than 10% down, we wanted a big cushion especially with on the way and me staying home
eta: rate of 5.625%, 30 year loan. We are paying something similar to PMI that will go away in 5 years (or 22% -whichever comes first)
which ever comes last according to the FHA website
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| Posted 7/15/08 4:37 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by Katie111806
We are also doing a FHA loan with less than 10% down, we wanted a big cushion especially with on the way and me staying home
eta: rate of 5.625%, 30 year loan. We are paying something similar to PMI that will go away in 5 years (or 22% -whichever comes first)
which ever comes last according to the FHA website
yes, I always say that wrong. Whichever comes last.
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| Posted 7/15/08 4:39 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is anyone buying right now with 10% down?
we did a no PMI loan from BOA, the rate was LOWER by 1/2% than my EMPLOYEE rate from the bank I work for, go figure!
But back when I got my mortgage, BOA was selling most of their mtgs to Countrywide, so BOA didnt care what the rate was as long as someone would buy it. They just cared about generating the loans to sell.
Message edited 7/15/2008 4:41:00 PM.
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| Posted 7/15/08 4:40 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: Is anyone buying right now with 10% down?
Posted by Katie111806
Posted by Beth1210
Posted by Katie111806
We are also doing a FHA loan with less than 10% down, we wanted a big cushion especially with on the way and me staying home
eta: rate of 5.625%, 30 year loan. We are paying something similar to PMI that will go away in 5 years (or 22% -whichever comes first)
which ever comes last according to the FHA website
yes, I always say that wrong. Whichever comes last.
b/c it's unnatural! it's normally what ever comes first!
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| Posted 7/15/08 4:40 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
consumer reports is saying the rate- which is why they are saying to compare rates between other banks
but if the rate you got was lower- then it worked out in your favor
Oops sorry Beth, I didn't click the link.
It definitely worked out for us to go with BOA... but we did shop around too.
Buying down the rate is also an option, especially if you are getting a seller's concession.
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| Posted 7/15/08 4:51 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: Is anyone buying right now with 10% down?
Ideally we want to put down 20%, but if come across something worthy (very hard these days) then we'll settle 10-15%.
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| Posted 7/15/08 5:07 PM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: Is anyone buying right now with 10% down?
If we go through with selling our co-op and buy a new condo in LIC, we will likely put 10-15% down.
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| Posted 7/15/08 5:44 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: Is anyone buying right now with 10% down?
We're putting 10% down and not leaving ourselves with much cushion. We have to pay PMI and we had 6.25% with IndyMac but we all know how that went and we HAVE TO secure another mortgage so we can close by the end of the month. The only bank that can get us closed by the end of the month is offering 6.375%  so we are paying $800 to get the 6.25 Can you tell that I'm a little stressed and frustrated?
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| Posted 7/15/08 6:06 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone buying right now with 10% down?
Posted by CaMacho
Posted by Beth1210
from consumer reports
just b/c you aren't paying PMI- doesn't mean you aren't paying for it somewhere - banks are in the business of makig money
the BOA loan sounds good- but I would still shop rates and compare
Where else would we be paying it? We saved over $3k in closing costs and fees and got an awesome rate too (lower than two other lenders we looked into).
You probably got a great deal. Not everybody is out there to nickel and dime you.
A friend of mine was looking into the BOA no fee deal and got a great rate with them with no hidden costs.
As long as the rate BOA quotes is better than any other bank out there, this is a great deal. I wish this was around when I was buying.
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| Posted 7/15/08 6:30 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone buying right now with 10% down?
Posted by mosh913
We're putting 10% down and not leaving ourselves with much cushion. We have to pay PMI and we had 6.25% with IndyMac but we all know how that went and we HAVE TO secure another mortgage so we can close by the end of the month. The only bank that can get us closed by the end of the month is offering 6.375% so we are paying $800 to get the 6.25 Can you tell that I'm a little stressed and frustrated?
Is there any reason why you didn't continue with IndyMac?
The Government has taken them over, and right now IndyMac being run by the Feds is probably more secure now than any other bank out there.
Did they tell you that they were closing your application or did you just decide to drop them?
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| Posted 7/15/08 6:33 PM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
from consumer reports
just b/c you aren't paying PMI- doesn't mean you aren't paying for it somewhere - banks are in the business of makig money
the BOA loan sounds good- but I would still shop rates and compare
I agree. I asked a friend of ours who is a broker about this, and he said it's not the way to go. Even though they advertise no PMI, you are paying it elsewhere.
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| Posted 7/15/08 6:47 PM |
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