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Message
When buying a house
Posted on 5/14/13 at 9:26 pm
Posted on 5/14/13 at 9:26 pm
Is the norm to put 30% or it that just what people say. I will be a first time home buyer.
9
Posted on 5/14/13 at 9:32 pm to CP3LSU25
quote:
s the norm to put 30% or it that just what people say.
If you could put 30% down I believe that would be outstanding. I understand 20% down is preferred to remove PMI. I wouldn't have a clue what the norm is though.
Posted on 5/14/13 at 9:35 pm to CP3LSU25
quote:
Is the norm to put 30%
Would be great.
quote:
norm
Not even close.
quote:
I will be a first time home buyer.
Good luck, it can be a fun! Stressful at times, too.
Posted on 5/14/13 at 9:39 pm to wegotdatwood
What would be the norm on a house under 200k?
One of my high school friends is a great realtor. Hopefully this make it less stressful.
I figure I wanna buy now before the housing market gets better in the next 3 years.
quote:
Good luck, it can be a fun! Stressful at times, too.
One of my high school friends is a great realtor. Hopefully this make it less stressful.
I figure I wanna buy now before the housing market gets better in the next 3 years.
Posted on 5/14/13 at 9:45 pm to CP3LSU25
quote:
One of my high school friends is a great realtor. Hopefully this make it less stressful.
Please, don't mix friends with business. We actually fired our first realtor and she'd been a mom of her best friend and knew her for damn near 30 years.
It was awkward. He'll most likely show you his listings. He CAN NOT have both your interests and the sellers(who is paying him)at heart.
quote:
What would be the norm on a house under 200k?
Don't focus on the "norm." The "norm" would probably be 3.5%.
"The path to destruction is wide." Most people do the wrong thing.
I could get a VA loan, put $0 down.
Posted on 5/14/13 at 9:50 pm to wegotdatwood
quote:
Please, don't mix friends with business. We actually fired our first realtor and she'd been a mom of her best friend and knew her for damn near 30 years.
I thought about that. I'll give it some extra thought
I hate being in debt on anything that is why I want to put 30 percent. I might not be able to if I buy the house sooner than later.
Posted on 5/14/13 at 10:21 pm to CP3LSU25
Put 20% down to avoid the PMI. I was lucky enough to do so and not having to pay the PMI is great
Posted on 5/14/13 at 10:24 pm to TigerTatorTots
Posted on 5/14/13 at 10:46 pm to CP3LSU25
You have either left out a decimal or added a "0" but 30% is no where near the norm.
Posted on 5/14/13 at 10:48 pm to TigerTatorTots
quote:
Put 20% down to avoid the PMI. I was lucky enough to do so and not having to pay the PMI is great
Rates are so cheap... Go get an 80/10/10 and quit reading these debt is the devil books.
Smart debt is ok.
Posted on 5/14/13 at 11:13 pm to CP3LSU25
quote:
. I'll give it some extra thought
I'm telling you, for the sake of the friendship.
It's awkward, if it his listing, some crazy shite will happen because he thinks "I've gone them in the bag."
Said relator didn't ask a single question "why" when we fired her. She knew she was shady.
Posted on 5/15/13 at 1:43 am to CP3LSU25
quote:
I hate being in debt on anything that is why I want to put 30 percent. I might not be able to if I buy the house sooner than later.
Consider the opportunity costs of that large of a down payment though, especially with interests rates the way they are.
Posted on 5/15/13 at 6:00 am to CP3LSU25
On 200k, I wouldn't consider putting down a penny over 20% with money as cheap as it is. If you are going to do less than 20% and pay PMI, do not pay monthly, pay it upfront, and since you are paying upfront I'd do a 95/5, as well as once I negotiated price, agree to pay 3% over that and have seller contribute 3% to closing cost AND prepaids, which should cover the upfront PMI costs (verify with lender).
There is a 99.9% chance this will not be your last home, I wouldn't be too concerned paying if off.
It's 50/50 in my professional experience. I tell all my friends who use me if you want to fire me there is absolutely no hard feelings. If you are uncomfortable with it, have your friend refer you to an another agent and they can split commissions.
There is a 99.9% chance this will not be your last home, I wouldn't be too concerned paying if off.
quote:
Please, don't mix friends with business. We actually fired our first realtor and she'd been a mom of her best friend and knew her for damn near 30 years.
It's 50/50 in my professional experience. I tell all my friends who use me if you want to fire me there is absolutely no hard feelings. If you are uncomfortable with it, have your friend refer you to an another agent and they can split commissions.
This post was edited on 5/15/13 at 6:03 am
Posted on 5/15/13 at 8:38 am to CP3LSU25
quote:
What would be the norm on a house under 200k?
It isn't about the norm, it's about what works best for you.
Unless you are buying new construction there are going to be expenses for repairs and maintenance for the new house. There are also things you are going to want to change to make it yours. When we buy a house we set aside a fund to pay for items like these. Even if you buy a new house there are going to be extra expenses. Window treatments, decks, patios, etc.
Having a mortgage is not a bad thing. Just be responsible and don't buy outside of your comfort zone.
Posted on 5/15/13 at 8:45 am to VABuckeye
I personally wouldn't put more than 20%. Were you going to do a 15 year or 30 year mtg? If you were planning to do a 30 year, use that extra money to help to make the 15 year payment and you would have a lower interest rate.
Posted on 5/15/13 at 8:52 am to TigerTatorTots
quote:
Put 20% down to avoid the PMI.
This is really the main goal. If you can afford to put up 30% then do it, but I would keep 5-10k in savings just for odd repairs and projects. They will arise, thats for sure. Beauty of being a homeowner!
Posted on 5/15/13 at 9:18 am to CP3LSU25
the norm is what you can afford, if all my borrowers put 20% down my life would be easy. I would look at buying a house by the end of the year to take advantage of the interest rates. Rates are startin to trickle upwards. the 30yr is still under 4% but not by much these days.
Posted on 5/15/13 at 1:26 pm to hawkeye007
quote:
the norm is what you can afford, if all my borrowers put 20% down my life would be easy. I would look at buying a house by the end of the year to take advantage of the interest rates. Rates are startin to trickle upwards. the 30yr is still under 4% but not by much these days.
good to know
Posted on 5/15/13 at 2:13 pm to hawkeye007
Closed March at 30 yr 3.25%. Super pumped to get that rate.
Posted on 5/15/13 at 2:24 pm to wegotdatwood
3.25% is still around for VA and FHA but conventional rates are near 3.75% today
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