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Jumbo Mortgage??

Posted By Message

lullabella
LIF Adult

Member since 5/05

2246 total posts

Name:

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.

Posted 1/27/06 12:13 PM
 
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schnapy
LIF Adolescent

Member since 9/05

766 total posts

Name:
Diana

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

Posted 1/27/06 12:34 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

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.

Posted 1/27/06 1:03 PM
 

charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

Re: Jumbo Mortgage??

Lullabella and schnapy, you both have FM

Posted 1/27/06 1:09 PM
 

Mbarrette00
LIF Zygote

Member since 11/05

10 total posts

Name:
Maria

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

Posted 1/27/06 2:00 PM
 

schnapy
LIF Adolescent

Member since 9/05

766 total posts

Name:
Diana

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. Chat Icon

I guess I should have really suggested finding a HELOC with a fixed rate..

Message edited 1/27/2006 2:06:27 PM.

Posted 1/27/06 2:04 PM
 

Nik09
LIF Adult

Member since 5/05

1982 total posts

Name:
Nikole

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.

Posted 1/27/06 3:04 PM
 

anon
where's winter?

Member since 11/05

2209 total posts

Name:

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 Chat Icon on the way that timeline may need to be adjusted...

Posted 1/27/06 3:44 PM
 

charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

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

Posted 1/27/06 7:20 PM
 
 

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