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What's the most amount of money you'd put down on a new house? It would be a new build.
Posted on 3/2/24 at 9:59 am
Posted on 3/2/24 at 9:59 am
Excluding the guys who are well off enough to pay cash.
20%? 25%? Do you put down enough to where you are comfortable with the monthly note?
Just curious to see varying thought processes.
20%? 25%? Do you put down enough to where you are comfortable with the monthly note?
Just curious to see varying thought processes.
22
Posted on 3/2/24 at 10:01 am to VermilionTiger
Loaded question, depends on a lot of other factors. With higher interest rates definitely tempted to put more down if the cash was available. No less than 20% obviously
Posted on 3/2/24 at 10:16 am to VermilionTiger
With rates at 6-7%, I’d find the balance to where you put as much down and still feel financially secure. Everyone is different though.
I put 50% down when rates were less than 3% thinking I’d want to pay it off in 5 years and be debt free.
Kicking myself now that I could be coming out ahead by 2 grand per year with a simple HYSA if I only would have put 20% down.
I put 50% down when rates were less than 3% thinking I’d want to pay it off in 5 years and be debt free.
Kicking myself now that I could be coming out ahead by 2 grand per year with a simple HYSA if I only would have put 20% down.
Posted on 3/2/24 at 10:36 am to VermilionTiger
I’d put as much down as possible with 7% rates.
Posted on 3/2/24 at 12:26 pm to VermilionTiger
20%. Length of mortgage is more important. Try to only purchase what you can afford with a 15 year note.
This post was edited on 3/2/24 at 12:28 pm
Posted on 3/2/24 at 1:41 pm to VermilionTiger
Mortgage guys can probably chime in but the best interest rate terms are typically with 25% equity. Maybe 30% depending upon the underwriter.
Edit to add: interest rate terms are most important when you will be in the same mortgage for a long period of time. 3-8 years... not so much.
Edit to add: interest rate terms are most important when you will be in the same mortgage for a long period of time. 3-8 years... not so much.
This post was edited on 3/2/24 at 1:42 pm
Posted on 3/2/24 at 3:49 pm to VermilionTiger
As little as I have to.
Posted on 3/2/24 at 5:04 pm to VermilionTiger
quote:
Do you put down enough to where you are comfortable with the monthly note?
That was our strategy. We put 21.5% down even with a VA loan when we bought our new build last September because of the 6.1% rate. The monthly note is a lot more manageable because of it
This post was edited on 3/2/24 at 5:11 pm
Posted on 3/2/24 at 6:24 pm to VermilionTiger
Posted on 3/2/24 at 9:11 pm to VermilionTiger
If you can’t put down 20% minimum, then you can’t afford it.
Posted on 3/3/24 at 7:28 am to VermilionTiger
We put down 20%. That being said, it depends on what 20% equals in dollars.
Posted on 3/3/24 at 7:38 am to VermilionTiger
I would put down at least enough to avoid paying PMI. Unfortunately this was not an option for me with my first house, but I got rid of it as soon as I could.
Posted on 3/3/24 at 8:07 am to VermilionTiger
At least enough to avoid PMI. I would also think about putting enough down to make payment enough for you to afford on one income if married.
Although too many variables to give best possible advice
Although too many variables to give best possible advice
Posted on 3/3/24 at 8:23 am to VermilionTiger
3.5-5%
Posted on 3/3/24 at 11:08 am to VermilionTiger
I would do the minimum to not pay PMI as long as I could afford the payment. You can always use extra cash to make principal payments in the future but getting cash out of a house if you need it without selling is harder.
I live having cash on hand though so I’m probably more conservative than most.
I live having cash on hand though so I’m probably more conservative than most.
This post was edited on 3/3/24 at 11:11 am
Posted on 3/3/24 at 6:17 pm to VermilionTiger
The more expensive the house, the more likelihood that the person buying it is paying cash, or is putting down a huge deposit.
Minimum 20% unless you are a first time homebuyer and can get a 10% loan if they still exist. The mortgage insurance for the other 10% financed is a silent killer. One of the biggest mistakes I made when purchasing my first home. If I had waited another 8 months I would have saved thousands in mortgage insurance.
Minimum 20% unless you are a first time homebuyer and can get a 10% loan if they still exist. The mortgage insurance for the other 10% financed is a silent killer. One of the biggest mistakes I made when purchasing my first home. If I had waited another 8 months I would have saved thousands in mortgage insurance.
Posted on 3/3/24 at 9:13 pm to VermilionTiger
I built a 4/2 in 2001. I put down $70k on a $137k house. My note, with escrow that covered taxes and insurance was less than $450. I beat that up, like Cassius Clay on a speed bag.
Having no mortgage or rent payment was pretty damned attractive to me. It all just depends on what you feel best about.
Having no mortgage or rent payment was pretty damned attractive to me. It all just depends on what you feel best about.
This post was edited on 3/8/24 at 10:42 pm
Posted on 3/4/24 at 8:36 am to VermilionTiger
Without knowing about any home equity sweet spots, I’d our down as much as you feel comfortable.
Thats much different than the advice I’ve given the majority of my career.
Thats much different than the advice I’ve given the majority of my career.
Posted on 3/4/24 at 8:40 am to VermilionTiger
Posted on 3/4/24 at 10:42 am to VermilionTiger
Wife and I about to start on a custom build/forever home on our property in south Lafayette Parish near Vermilion parish line.
Total value of proprety loan once rolled all into one mortage will be about 450K. We are putting 20% down (90k) at a minimum, most likely will end up being 100-110K when all is said and done. Final amount will depend on final sale of current home and how much more cash we put away between now and next spring.
Total value of proprety loan once rolled all into one mortage will be about 450K. We are putting 20% down (90k) at a minimum, most likely will end up being 100-110K when all is said and done. Final amount will depend on final sale of current home and how much more cash we put away between now and next spring.
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