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Decided to payoff my mortgage.
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I put down 3% in nov 2015, I opted for a higher rate to not have to pay PMI (4.125%) and refinanced last month to drop my rate to 3.675%
Based on what SC1 said, I would expect to live somewhere at least 5-7 years (depending on the city) to justify closing costs, etc.
You can put a lower down payment these days but you’ll pay mortgage insurance. There are plenty of calculators on the internet to help. Also make sure you are certain that you are going to stay in the same place for a decent amount of time
I was in same boat. Put 5% down on a 3bd 2bth with finished basement that I rent out. Netting me a lower payment than when I was renting. I do pay PMI ~$290/month, but once I get to 20% that will go away and subsequently lower mortgage more. Just know that if you don’t have a lot of cash you’ll want to be careful to spread yourself too thin with cost of upkeep since you’d be the owner, responsible for everything that goes wrong
Some cities offer subsidies for first time home buyers to augment your down payment. City of Pittsburgh is one, for example. Check all first time home buyer programs. Entrance bar may get lowered
Check out FHA loans
3.5% down payment here— which only amounted to 6k for new construction, for me. Pretty sure I got lucky since I'm in a rural area. Fight for your closing costs to be covered!
Thanks everyone! Will definitely do some research based on the input here. All very helpful advice!
Join us fish in Atlanta 🍑
Our real estate, and rent, is cheap! 💁🏽♀️
Just know u should live there for a while, in a 30 year mortgage, the first 5 - 7 years will be all interest payment (it is tax deductible) but ur mortgage and other home ownership cost will be same or probably more than rent... and if housing prices don’t go up drastically u really won’t build up much equity... so it just depends on how long you expect to hold on to the property
Should I continue to rent and build up savings before even thinking about buying property? Just feel like I’m burning money on apartment rent. Any advice would be greatly appreciated!
Wow didn’t realize that you can get away with sub-5% down! I put down 10% — but paid a somewhat higher rate. Question: can’t you borrow the down payment money from your 401k?
You can but why would you if you don’t need to since the penalties are so high? S&
I was in similar boat and did 5% down to lock in 2.75% rate. Went from $2k in rent to $2.5k mortgage where just over half was principal for the first 4 years. I never would have saved $50k in that time myself.
You haven't HAD to put down a down payment in over a decade. Go buy a house, deduct all that interest and property tax from you tax return, pay more than the scheduled payment, then refi in 5 years.
I put 5% down on my 290k 2 bed 1 bath and with taxes, insurance, PMI and HOA my monthly payment is ~1800. Comparable rents would be $2k+. If you find a good deal, buy!