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meganNbobby
Our Family is Complete
Member since 5/05 2774 total posts
Name:
Megan
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
our house was $328K and we put down $16K
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Posted 1/16/07 9:00 AM  |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
Posted by Gertyrae
We saved it but only put down 10% and got a seller's concession to cover the closing costs...but we got a single 30 year fixed rate mortgage for that amount.
What is a sellers concession?
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| Posted 1/16/07 9:26 AM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
We'll end up having about a 5% dp and use the rest for closing costs.
It came from:
Wedding Money
Savings (we've been staying with my parents for the past 6 mo)
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| Posted 1/16/07 9:43 AM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
We put 10% down and mortgaged 80% and did a Home Equity for the other 10%. We could have put 20% down, but because we built our house we paid cash for a lot of the upgrades we did so they wouldn't be included in the purchase price of our house (to keep our tax assessment low).
The $ primarily came from the wedding and from the sale of some stock I had.
I literally felt nauseous when I had to get the certified check for that HUGE chunk of change. But, it is a nice feeling driving up to our house every night! 
Sending you house dust!!!!
   
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| Posted 1/16/07 10:46 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
we used our wedding money!
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| Posted 1/16/07 11:02 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
Posted by beautyq115
Posted by Gertyrae
We saved it but only put down 10% and got a seller's concession to cover the closing costs...but we got a single 30 year fixed rate mortgage for that amount.
What is a sellers concession?
Basically its when the mortgage amount is really for a certain percentage over the sale amount (usually to pay for closing costs.) So say you agree upon a price of $300,000 for a house with a 3% concession. Then the mortagge amount is $309,000 (assuming there is no down payment to make this explanation easier.)
At closing, your bank will cut the seller a check for $309,000 but then the seller will give that money right back to pay the closing costs. Does that make sense?
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| Posted 1/16/07 11:33 AM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
We pay PMI and we got the seller to pay closing costs.
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| Posted 1/16/07 1:44 PM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?
we saved 95% of it ourselves...I was always good at putting money away and DH would just put whatever money was left over from his pay after bills into the acct. The rest my parents gave to us an early wedding present since we bought the house before we got married.
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| Posted 1/16/07 5:43 PM |
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