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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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POLL: Homeowners, how much did you have in the bank after closing?
I know Suzie Orman says to have 8 months living expenses saved prior to buying a home....but i was just wondering what the norm is...
it was hard enough saving the 20% for our downpayment
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Posted 1/21/09 12:19 AM  |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: POLL: Homeowners, how much did you have in the bank after closing?
I had read some heart wrenching threads here from people who went to the closing table with nothing left in the bank. That sobered me up really quick.
We chose a mortgage that only required 5% down so we could keep a lot more in the bank after closing. We needed it for an emergency too, less than two months later.
Our thoughts were that if we couldn't keep the amount we set for ourselves in the bank after closing, we shouldn't be in the market. We held off our house search for an extra six months to ensure we were ready.
The worst possible thing would have been to work so hard to become a homeowner and then lose it because of unforeseen financial situations.
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| Posted 1/21/09 8:01 AM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Because of this market we lucked out and the sellers agreed to pay all of our closing. The house is in near perfect condition so we will not need to put any money into it other than some new furnishings.
We also plan on putting the $7500 tax credit in our savings account for our emergency fund. I think in this shaky economy its very risky to not have at least 3 months in your savings.
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| Posted 1/21/09 9:27 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
I think in this shaky economy its very risky to not have at least 3 months in your savings.
ITA
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| Posted 1/21/09 9:46 AM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
we had about 5,000
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| Posted 1/21/09 10:02 AM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We had 6 months worth of expenses. Thank goodness because Dh was suddenly making nothing for months (long story) about 6 months after closing, so it was really a saving grace. I would definitely say you should have at least 2 months worth of expenses. Even in houses that are in great conditions, things can go wrong.
Message edited 1/21/2009 10:19:39 AM.
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| Posted 1/21/09 10:19 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We had somewhere between $5k & $10k, but it was closer to $5k. We also closed right aroudn tax season and got another $6k from our tax return. We bought our house though in 2006. Today I probably would have wanted more just given the economy.
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| Posted 1/21/09 10:23 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: POLL: Homeowners, how much did you have in the bank after closing?
more than a years worth... this was after puttting about 13% down and shelling out closing costs... I opted to put less down in order to have more money in the bank...it was for my sanity
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| Posted 1/21/09 1:33 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We had less than $5K in the bank after closing. It was scary, but we had already sat down and worked out our expenses, so we knew we'd be okay.
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| Posted 1/21/09 2:50 PM |
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We put down 12%. Paid closing apx. 13K, and was left over with a little more than 20K in the bank. Which is quickly being used up furnishing the home and general "new Home buyer needs" O !we need a shed! a snow blower, a lawn mower, etc etc etc >!>!>?
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| Posted 1/21/09 3:01 PM |
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kristinel
Steinbeck
Member since 5/08 1224 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We saved like dogs for the first four years of our marriage and DH had a considerable sum saved up in a CD from before we were married. After putting down $110,000 we had $20,000 left in the bank, and still do. Haven't touched it since we moved in.
Message edited 1/21/2009 4:16:52 PM.
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| Posted 1/21/09 4:15 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: POLL: Homeowners, how much did you have in the bank after closing?
As a general rule though we like to have 6-12 months living expense in the bank this way if one of us loses a job or we have a mandatory home repair to do we have a cushion.
Message edited 1/30/2009 2:47:50 PM.
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| Posted 1/21/09 4:15 PM |
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kristinel
Steinbeck
Member since 5/08 1224 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Posted by Kelly9904
On our first house we put 20% down and paid closing costs but I am not sure how much we had left because we also got married a few weeks later and had to pay all that money but then we got gifts back so I would say we had about 6 months expenses left.
Second house we put alot down, well over 20%, paid closing costs and had about 3 months living expenses left.
In both cases we opted to put MORE down because we wanted to have a lower monthly payment, and in both cases we didn’t have a lot of work that needed to be done ASAP.
As a general rule though we like to have 6-12 months living expense in the bank this way if one of us loses a job or we have a mandatory home repair to do we have a cushion.
That was our goal. A large down payment so we'd have a lower monthly payment.
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| Posted 1/21/09 4:17 PM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We also decided to go with a large down payment so we put down $105,000. We didn't have a ton of money left in the bank, but we had enough to get us by for a few months. Thank goodness because at closing the title company forgot to tell our lawyer that our school taxes were due and we had to come up with another $4,000.
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| Posted 1/21/09 4:58 PM |
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JML83
LIF Adolescent
Member since 12/07 540 total posts
Name:
Lauren
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We put down less $ so we could have more in the bank...after closing we had 32K in the bank.
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| Posted 1/21/09 6:32 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
I think that's funny that the poll shows most people have less than 5K but none of those people are responding...so I will...we were supposed to have 10K after closing but our mortgage broker messed up our rate so we had to buy it down and something happened with the taxes so we walked away with 3,500K 
I'm planning on putting the $7500 right into savings.
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| Posted 1/21/09 7:20 PM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Posted by mosh913
I think that's funny that the poll shows most people have less than 5K but none of those people are responding...so I will...we were supposed to have 10K after closing but our mortgage broker messed up our rate so we had to buy it down and something happened with the taxes so we walked away with 3,500K
I'm planning on putting the $7500 right into savings.
Oh trust me, I hear ya! We have just a tad over $5k and half of that will go to furnishings (I dont close until Monday but I know how much I will need). We too are planning on putting that $7500 in our saving for the simple fact that we wont have much else.
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| Posted 1/21/09 9:53 PM |
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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Re: POLL: Homeowners, how much did you have in the bank after closing?
we put down 10% in order to have more in the bank at closing.
We had 35k, or a little over a years worth of expenses.
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| Posted 1/21/09 10:18 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: POLL: Homeowners, how much did you have in the bank after closing?
The bank wont let you close unless you have I believe 2 months worth of mortgage payments in the bank.. I may be wrong but I know you have to have money in the bank..
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| Posted 1/22/09 9:27 AM |
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micknjohn
LIF Infant
Member since 7/08 333 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Posted by RocPin
Because of this market we lucked out and the sellers agreed to pay all of our closing. The house is in near perfect condition so we will not need to put any money into it other than some new furnishings.
We also plan on putting the $7500 tax credit in our savings account for our emergency fund. I think in this shaky economy its very risky to not have at least 3 months in your savings.
Wow..how did you get the seller to pay your closing costs? did you negotiate that after they accepted your offer?
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| Posted 1/22/09 9:56 AM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We saved for a very long time and put down a large down payment and still had $50k in the bank but since the house was a foreclosure and we needed all new furniture we've spent about $30k only 2.5wks into it!
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| Posted 1/22/09 10:33 AM |
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carlowlou
loving my babies!
Member since 4/08 4594 total posts
Name:
Jen
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Re: POLL: Homeowners, how much did you have in the bank after closing?
We had about $15k. I wish we had more...
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| Posted 1/22/09 10:41 AM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Posted by micknjohn
Posted by RocPin
Because of this market we lucked out and the sellers agreed to pay all of our closing. The house is in near perfect condition so we will not need to put any money into it other than some new furnishings.
We also plan on putting the $7500 tax credit in our savings account for our emergency fund. I think in this shaky economy its very risky to not have at least 3 months in your savings.
Wow..how did you get the seller to pay your closing costs? did you negotiate that after they accepted your offer?
We wrote it in the offer that we wanted them to pay it. They came back saying they would pay $5k of it and we went back firm asking for all of it again so they agreed.
I was told by my realtor and my mortgage broker that in this market buyers should not have to pay their closing costs. The only exception I would have made was if it was a bank owned property that I was getting a great deal on.
I live in VA but I don't really think that should make a difference.
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| Posted 1/22/09 10:55 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Posted by belladi
The bank wont let you close unless you have I believe 2 months worth of mortgage payments in the bank.. I may be wrong but I know you have to have money in the bank..
This really depends on the lender. For us, we put 0% down and then just paid closing costs (minus the $3K the seller paid towards closing). We barely had one months worth of mortgage payments in the bank at closing. Our bank didn't have any clause stating that we needed X amount in the bank in order to close and they never checked our account.
The only thing they checked for, was to make sure we had enough money for closing costs at closing.
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| Posted 1/22/09 2:52 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: POLL: Homeowners, how much did you have in the bank after closing?
Posted by RocPin
Posted by micknjohn
Posted by RocPin
Because of this market we lucked out and the sellers agreed to pay all of our closing. The house is in near perfect condition so we will not need to put any money into it other than some new furnishings.
We also plan on putting the $7500 tax credit in our savings account for our emergency fund. I think in this shaky economy its very risky to not have at least 3 months in your savings.
Wow..how did you get the seller to pay your closing costs? did you negotiate that after they accepted your offer?
We wrote it in the offer that we wanted them to pay it. They came back saying they would pay $5k of it and we went back firm asking for all of it again so they agreed.
I was told by my realtor and my mortgage broker that in this market buyers should not have to pay their closing costs. The only exception I would have made was if it was a bank owned property that I was getting a great deal on.
I live in VA but I don't really think that should make a difference.
It might make a difference since closing costs vary by state as do house prices so in NY a seller may not be willing to pay 17K in closing costs.
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| Posted 1/22/09 2:57 PM |
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