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Posted on 4/17/19 at 7:36 pm to FootballNostradamus
quote:
but most conservative estimates say to factor 5%
I know a kid, 1st time home buyer, getting a starter house for $106k. Should he expect 5-6% for closing costs? He is putting 20% down. He is a 750-760 kid and has been offered 5.25% by one of the online vultures. They also want a little over 10% for closing costs.
He banks with Regions and I told him to speak with them, but would appreciate any better information to pass on.
Posted on 4/17/19 at 9:14 pm to JohnDoe00
quote:
I would be in it until I started a family I believe, which I am in no rush to do so 5+ years.
I have always been told to try to put 20% down, but that just seems like an unpractical amount of savings to have this early in life. I'd hope to put around 5% down possibly once I factor in closing costs and other fees.
IMHO if you plan on being there 5 years or less and will struggle to put 20% down I would not buy unless you feel there is going to be above average appreciation or you are able to do a good bit of improvements on your own.
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