- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: How much home can I afford?
Posted on 1/12/22 at 9:06 am to thunderbird1100
Posted on 1/12/22 at 9:06 am to thunderbird1100
quote:
you put 5% down on a home, well, there goes all your equity and now you have no access to things like:
Your down payment is now equity
Thats your money you parked into the home that you are paying interest on
quote:
If you have 5-10% equity, good luck getting a HELOC.
Helocs go to 95% right now
In conclusion id rather my money not be in the wall papers of my home
Clearly i have a much different approach for RE financing.
I dont even pay principle which is blasphemy on this board
This post was edited on 1/12/22 at 9:10 am
1
Posted on 1/12/22 at 9:11 am to SDVTiger
quote:
Your down payment is now equity
Thats your money you parked into the home that you are paying interest on
Less interest, no PMI. When you have the money, there's really no point in intentionally putting yourself in a risky housing situation.
quote:
Helocs go to 95% right now
What happens if the market corrects and your house is worth 10% less next year and you only put 5% down? Guess what the lender can do.
getting a HELOC with 5% equity seems like an ultra bad move
This post was edited on 1/12/22 at 9:13 am
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News