I'm saving 1k a month for a housing down payment

[Rawtid]

3.5% down won't cover closing costs, just down payment, correct? Aren't closing costs like 4% of the cost of the house?

Kinda Correct, it really depends on your state/locality and if they offer programs or discounts.

At the very LEAST, you’” should have about 5-10% of the purchase price available when buying a home. This includes down payment, pre-closing costs like inspections and appraisals, and closing costs.

Do NOT invest the money you’re saving for your home. Put it in a savings or money market and don’t touch it.

 

[ThaBronxBully]

Def Keep Closing Costs In Mind Op Thats A Big Thing, I Believe In Some Cases You Can Work It Into The Loan But I Dunno How Common That Is, You Dont Wanna Save 12k Meet With A Realtor And Find Out Closing Costs Alone For Your Price Range Is 8k lol

 

[Rawtid]

Don't get a 30 year mortgage. If you can't pay it off in 15 you can't afford it

Your mortgage loan being amortized over 30 years, doesn't mean you can't pay it off sooner. The longer mortgage terms gives you flexibility. I always planned to pay my mortgage off in 10 years, but I definitely got the longer terms to get a more affordable mortgage.

 

[Originalman]

I Had This Line Of Thinking But A 15 Year Mortgage Forces Me To A Monthly Payment Of $1,421

I Choose A 30 And My Monthly Payment Is $874 Which I Will Pay In Double ($1,748)

If We Ever Go Through A Hard Time Or Take Any Financial Hits Our Mortgage Payment Is $874 And The Other $874 Goes Back To Us Instead Of Me Being FORCED To Give It To The Lender

Mind You, We Have A 20k Emergency Fund, Put Down A 20% Down Payment And Are Going To Make Double Payments On Our Mortgage So We Can Afford The 15 Year Mortgage If We Wanted, But I Thought Having That Trump Card In My Back Pocket Was A Smart Idea

^This is the way

 

[Ezekiel 25:17]

I Had This Line Of Thinking But A 15 Year Mortgage Forces Me To A Monthly Payment Of $1,421

I Choose A 30 And My Monthly Payment Is $874 Which I Will Pay In Double ($1,748)

If We Ever Go Through A Hard Time Or Take Any Financial Hits Our Mortgage Payment Is $874 And The Other $874 Goes Back To Us Instead Of Me Being FORCED To Give It To The Lender

Mind You, We Have A 20k Emergency Fund, Put Down A 20% Down Payment And Are Going To Make Double Payments On Our Mortgage So We Can Afford The 15 Year Mortgage If We Wanted, But I Thought Having That Trump Card In My Back Pocket Was A Smart Idea

Is that $874 mortgage and property tax?

 

[ThaBronxBully]

Is that $874 mortgage and property tax?

It’s Just Mortgage, Our Place Is A Co Op, Property Tax Is Built Into The Maintenance Fee So I Don’t Make Any Separate Payments For That, Only Other Thing We Got Is The Insurance Which We Just Pay $378 A Year For

We Put 20% Down, Have Above 750 Credit Scores And Caught The Interest Rates At A Low (This Is Very Recent) Thats Why Our Payment Is Low, The 20% Was What Helped The Most In Chopping That Down, Most People Thought We Were Crazy For Doing It But My Goal Is To Pay This bytch Off In 11 Years Or Less And Sit Pretty

 

[Dave24]

Bump

 

[Formerly Black Trash]

Bump

I put it in yfi