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Forum
-> Household Management
-> Finances
What percent did you put down for your down payment?
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5-9 percent |
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10% |
[ 18 ] |
10-14 percent |
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9% |
[ 16 ] |
15-19 percent |
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6% |
[ 10 ] |
20-24 percent |
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46% |
[ 76 ] |
25+ percent |
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21% |
[ 36 ] |
Less than 5 percent |
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4% |
[ 8 ] |
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Total Votes : 164 |
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amother
NeonOrange
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Tue, Mar 14 2023, 5:53 pm
I don't know what percent, but we did the least that was required.
BH our mortgage isn't too high, and I wanted to keep more savings in my account for future expenses rather than lowering the mortgage each month.
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mikayla18
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Tue, Mar 14 2023, 5:58 pm
amother Puce wrote: | 100%
BH we got a one time “windfall” and bought a house with the entire amount.
Probably smarter to only put down part and invest the rest but DH wanted no mortgage.
So here we are, but still paying as much tax as the rent we paid until we bought, so our lifestyle stayed the same. |
But is your house bigger? Different neighborhood? Probably a better lifestyle just changing the house...
We put down 20% and got a great mortgage rate. I also think I bought the cheapest (liveable) house within a 5 mile radius lol
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amother
Hotpink
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Tue, Mar 14 2023, 5:59 pm
6 years ago, and grants specific to my location. For example, the block we bought on is a “majority minority” block. Meaning we are all black, central american, jewish. It’s not a homoginous block, which the city likes to encourage, so $1000 towards closing. Another $1000 grant because we completed a mandatory pre-purchase seminar and 1:1 counseling (required in my state for 1st time buyers). That kind of thing.
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amother
SandyBrown
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Tue, Mar 14 2023, 6:33 pm
20%, I had no idea there is an option to pay less. It's probably for the best but I could've bought a larger house, now an extension is so much more expensive that buying a larger house to begin with.
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amother
Stone
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Tue, Mar 14 2023, 6:37 pm
20% as well. We could have put down very, very little (5% maybe... can't remember) with mortgage insurance getting tacked onto our monthly payment but we decided against it. Our house was very inexpensive (compared to most jewish communities) so it wasn't a huge amount. And we had the money for it.
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amother
Brass
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Tue, Mar 14 2023, 10:39 pm
We put down $900,000 on a 1.4M house, and have a $500,000 mortgage. This comes out to approx 60%. It’s a lot to put down but this was the biggest mortgage we could get
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amother
Whitewash
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Tue, Mar 14 2023, 10:46 pm
amother Hotpink wrote: | 6 years ago, and grants specific to my location. For example, the block we bought on is a “majority minority” block. Meaning we are all black, central american, jewish. It’s not a homoginous block, which the city likes to encourage, so $1000 towards closing. Another $1000 grant because we completed a mandatory pre-purchase seminar and 1:1 counseling (required in my state for 1st time buyers). That kind of thing. |
Which state is this?
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amother
OP
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Tue, Mar 14 2023, 11:01 pm
amother Brass wrote: | We put down $900,000 on a 1.4M house, and have a $500,000 mortgage. This comes out to approx 60%. It’s a lot to put down but this was the biggest mortgage we could get |
I am assuming one of those newly built duplex in Lakewood
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amother
Jade
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Tue, Mar 14 2023, 11:25 pm
amother Cyclamen wrote: | Over 30%. Stupid move.
I trusted my husband and he really is not financially savvy. He's very anxious about money and it was dressed up as financially smart but its really just anxiety and I was too naive. My husband hates debt including "good debt" and he's a real follower of Dave Ramsey, he loved the idea that our mortgage wasn't too high meanwhile I would have rathered a renovated nice house to live in. |
I could have written this. I now advise home buyers, learn from my mistake. Esp. when the interest rates were low. Put down a little bit less and put the extra cash into renovation or fixing up whatever needs to be fixed up. Instead, we lived with lots of issues until our hand was forced (ceiling fell) and then we had to refinance anyway. So our finances were exactly the same as if we had taken out a slightly bigger mortgage in the first place. Had we done that, we wouldn't have had to live with the issues for so many years.
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amother
Brass
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Wed, Mar 15 2023, 12:18 am
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amother
Brass
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Wed, Mar 15 2023, 12:20 am
amother OP wrote: | I am assuming one of those newly built duplex in Lakewood |
No, this is in Boro Park - for half of a new 2 family house
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