When purchasing your first home

1. What was the appx. value of your home;
2. What % of downpayment did you put down;
3. How did you cover your closing costs (had separate savings, took out loan, consolidated into the mortgage, etc.);
4. How much $ did you leave in the bank for emergency expenses, etc.

I'm not looking for the "right" answer, I'm just curious to see the different scenarios, since apparently there are so many!

TIA

Message edited 5/12/2008 3:17:49 PM.

Re: When purchasing your first home

The appraised value of our home is $360,000

We are putting down 10%

Part of our closing costs are being consolidated into our mortgage, we are paying the rest

We aren't going to have much left in savings, it really depends how much our closing costs come out to be.

Re: When purchasing your first home

Appraised $475K

We put down 10%

We had (thank god) money put away for closing costs

We still had I nice cushion in savings for the "what if's"

Message edited 5/12/2008 4:47:20 PM.

Re: When purchasing your first home

Appraised $429K

We put down 20%

We had money for closing costs

We still had money left in the bank for our renovations, but now that is gone.


eta: but still have money for emergencies.

Message edited 5/12/2008 4:18:24 PM.

Re: When purchasing your first home

our first:

appraised for $377K/bought for $310K

We put 20% down

We had money to pay closing costs

We cashed in some stock options to do some renovations

that was almost 5 years ago!

Re: When purchasing your first home

Appraised $395k.

We put down 10%, we used the HELOC we had on our investment property for the other 10% (which worked out nice since the rates have been dropping).

We had the money left to cover the closing costs and expenses. We left a bit of a cushion and were able to expand on it in our first year there.

Re: When purchasing your first home

Appraised at $475,000
Put down 12% approx
Put down closing costs around $14000
we still had almost a years worth of expenses at closing

Re: When purchasing your first home

1. What was the appx. value of your home;
$118,000
2. What % of downpayment did you put down;
37%
3. How did you cover your closing costs (had separate savings, took out loan, consolidated into the mortgage, etc.);
separate savings
4. How much $ did you leave in the bank for emergency expenses, etc.
The money did not come from our savings but at that time we didn't make much so we didn't have much in our savings account.

Re: When purchasing your first home

1. What was the appx. value of your home?
$590,000
2. What % of downpayment did you put down?
20%
3. How did you cover your closing costs (had separate savings, took out loan, consolidated into the mortgage, etc.)?
Savings
4. How much $ did you leave in the bank for emergency expenses, etc.
about $70K

Re: When purchasing your first home

1. Appraised for $390K, we paid $370k

2. 10% down

3. paid cc with cash. even though we only put 10% down, we got a mortgage that didnt need a piggyback loan or PMI (our first mortgage was for 90% of the purchase price at 5.875%)

4. about 6 mo of expenses as emergency

Message edited 5/12/2008 8:49:50 PM.

Re: When purchasing your first home

Our house appraised for $480,000 and we put about 13% down. We also paid the closing costs and spent about another 10,000 redoing the master bedroom and living room and we have some money left over for emergencies but definiltey not as much as I would like to have!

Re: When purchasing your first home

Appraised $485K

We put down 20%

We had money for closing costs

We still had money left in the bank for some renovations, and 2 house payments in reserve.


We put 125% of our house payment into the account that the house payment is automatically paid from and when the excess, over the two payment reserve, has accumulated to match our next project, we proceed with that project.

Re: When purchasing your first home

1. What was the appx. value of your home
$550,000
2. What % of downpayment did you put down; 10%

3. How did you cover your closing costs
we put them into our mortgage (Seller's Concession)

4. How much $ did you leave in the bank for emergency expenses:
20K

Re: When purchasing your first home

Thank you so much for answering my post...and thank you to those that FMed me...I know its rather personal information, but it has helped us a great deal in putting certain things in perspective. Thank you again!