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re: Minimum Amount Needed to Put Down on Home Purchase
Posted on 12/27/12 at 10:27 am to notiger1997
Posted on 12/27/12 at 10:27 am to notiger1997
Ideally, I stay in the house 3-5 years until I marry and upgrade. Then I flip the property or rent it out. Least amount of up front cost the better the way I'm thinking.
This post was edited on 12/27/12 at 10:28 am
1
Posted on 12/27/12 at 10:43 am to Cajun Revolution
quote:
whatever you do try to pay it off quickly... minimum amounts and extended load periods make you end up paying double actual price of the home.
If the OP is not planning on staying there long, why should you pay anything but the minimal possible? Put down as little as you can and spend as little of your own money as you can. Your house will likely appreciate and you can make money when you sell it.
ETA: The only time you should every pay off anything quickly is if you plan on keeping it your whole life or it is an item that depreciates (like a car)
This post was edited on 12/27/12 at 10:46 am
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