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tykesymbol | Downpayment on a house? |
What is a good downpayment on a mortgage between $125000 to $140000? How is a good way to save it, while paying off bills? What are some of the things you need for easier approval by the banks? |
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us citizen
|
As everyone has said a bank would like to see 20%. How ever if your were to find a property that is being used as rental like a duplex or bigger and you thought about buying it and moving into one of the units. At closeing you would be able to use the realestate taxs owed and paid to you by the seller on your down payment. now you would have to pay those taxes when due, but you would be able to use that money for as many as 8 months before you had to pay it out. You also would have the rent money due you at closing and all damage deposits. Those 3 things can add up to alot . |
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asmul8ed
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This is where you should go talk to a few lenders and find out what kind of programs they have. You can just as easily find a 100% loan with little to no downpayment (even with closing costs, though usually this means the seller would have to contribute towards closing costs) all the way to whatever kind of loan you think you want. It is all about a question of payment, and what can the lender do (within your comfort zone) to achieve that monthly payment. Talk to some lenders and get a really good idea of what they can do for you, once you find a lender you trust and want to do business with ask them to break down your costs/down payments, based on what you can qualify for. they might have 2 or 3 different types of loans you can choose from based on your criteria, and you get to decide what you are most comfortable with. That all being said remember that when purchasing a home there are other fees involved once you place yourself in to a purchase contract agreement, so be prepaired with some cash which does not involve the loan. Such expenses you should be prepaird for might include but are not limited to: Earnest deposit (a good faith deposit made to open an escrow account which shows you have full intention to continue with the purchase and close when you say you will), Inspecion fees (like termite/wood infestation reports, Home inspectors, which could include more than one depending on the circumstances of the house, etc...), Appraisal fees (usually people think this is included in the loan fees, it usually isn't, most of the time you will need to write a seperate check for the appraisal fee, talk to your lender about what this fee might be, and if you do need to come up with this money), moving fees (you have to move...right?). As I said before there are loan closing costs, depending on your current real estate market, you might be able to make an offer on a home which includes a request that the seller contributes money towards these costs, and they could very well accept it), I would talk to a Real Estate Agent in your area about what these fees could be, and what the possibilities could be these fees or part of them could be included in the purchase offer.
I hope this helps you out, if you have anyquestions regarding any of this, you can contact me via my profile. |
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psycho-cook
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Ideally 20% is a great downpayment because it lets you off of the mortgage insurance (the insurance that insures the bank that if you default they will atleast break even!) So I would say $25000 to $28000. Most people don't do that these days though they go with a Fannie Mae loan or V.A. mortage.
A great way to save is to pay yourself first. Each time you get paid put a little aside in a savings account or even in a glass jar! That takes away the temptation to spend it at the end of the month/week/payperiod.
For the best approval build your credit rating. So pay your bills in a timely manner--no late payments. Pay off your credit cards. They look really hard at any "long term debt" you have. Credit cards you don't pay off each month, cars and furniture you have financed, college loans. You also have to prove you have money to pay closing costs so a savings account is important. Do not overdraw your checking accounts! All of these things end up on your credit report and are reflected in your credit rating. If you've messed up in the past don't worry, just be good now and they will notice your "change" in habit and may give you credit for it! |
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Freddie
 |
As a rule of thumb, 20% of your purchase price is a great down payment. Banks are less friendly if you have to finance more than eighty percent of your purchase. Although there are currently many plans that permit homeowners to purchase with less than 20% down payments, these plans are associated with higher monthly costs in terms of PMI (mortgage insurance) or higher interest on a piggyback loan, basically a second mortgage for the other 20% of the home's value.
I manage to save for my down payment on a house by direct depositing roughly 10% of my paycheck into a savings account, and periodically reinvesting these funds for a higher return. I have a target date in mind for home ownership, so I can direct my energies within a time period. If you have any sort of debt, make this a priority to pay off for two reasons. One, the interest rates you are paying on your debts are likely high, and costing you more than you benefit by having savings for your house in investments. Two, this is a factor that will be considered in your mortgage approval.
Factors the lenders look for include your credit history and credit score. Check this out occasionally as you prepare for a purchase. Check it once, if it's good, don't change your habits. If it needs to improve, then make the changes necessary to build it up,significant progress might be noted in six months to a year. Lenders also want to know how much debt you are paying off each month, as stated above. If you are paying off more than their ideal percentage, then you may not get approval or youmay receive a higher interest rate because banks consider you riskier. Banks will inquire about your monthly income, and they will also want to know how long you have been continuously employed. Don't make any drastic changes or open new loans shortly before you go to apply for your mortgage. The bankers don't like this instability.
When you consider your ability to afford a mortgage, don't forget to factor in the extras. You will need to account for repayment of the principal on the loan, repayment of interest accrued, property taxes, and also if you don't have a big down payment, then also monthly mortgage insurance. |
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GRUMPY
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12,000 - 15,000 should be enough saved for down payment. BUT Keep in mind you'll also need money for closing cost. Usually about 3 - 5 thousand. But I would (if possible) have like another 5 - 10,000 tucked away. You never know. As far as saving well thats another story. Put so much in the BANK EVERY week, and this money does NOT get touched for ANYTHING. This money can not be used for any reason. If you get the urge tell yourself that this is money for the new home. $50.00 per week is a start and more if you can swing it. It'll take a while but it will work. DON'T charge anything to credit cards at all. ANY EXTRA money put into this savings account. Don't splurge on anything. Before you know it, you'll have enough down and then go for it and buy the home you want. GOOD LUCK, |
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solomae
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20 % down is what they usually want.28,000 on a 140,000. 25,000 on 125,000 .Finance for 15 years instead of 30 and save mega bucks on interest.Go for a fixed loan finance rate.You will also have to figure closing cost and points on the loan.Shop around for the best deals.Creditors look at how well you have paid your bills,the amount of loans you have,the balances,the monthly payments,if you were late,if you have judgments,garnishees,bankruptcy.They look at your salary and how long you have been on the job and have you worked consistently.You need to go to the bank and get pre approved.They will figure all your bills,your income and they will tell you how much house you can afford.They have a system they use.A Christmas club is a good way to save since they take it out before you get it,then at the end of the year you can take the club money and transfer it into a savings account.Also shop around for homes and most of the time you can get a larger,older home with more square footage cheaper than a brand new house.A fixer is even better. |
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tony_rovere
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In order to qualify for the best interest rates and avoid having to pay P.M.I. you should put down 20% as a downpayment if possible.
The best way to save is in a forced savings plan, the same way that a 401(k) is set up. You can have your bank set it up to take a certain part of your check (whatever you are comfortable with) and deposit it weekly or monthly into a money market account. You can have instant access to it so if you find your dream house you don't have to wait for it to mature like in a CD.
And the best way to make sure you have easy approval is to make sure your credit is in tip-top shape. Go to www.myfico.com. You can find out there how the score is calculated and get tips on how to improve it. |
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Fryemall
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You usually need 20% down. The best way to save is to work hard, do extra jobs, anything to save every dime. The sooner you can buy something the better. |
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parental unit
 |
a 20% down is standard, although you can get a loan without a down, you may have to pay higher intrest |
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Chick with pets
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Live by the rule that you always "pay yourself first". Put a certain amount in the bank even before you pay your bills. You will adjust to this financial habit soon. |
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