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ACTiNGisLiFE | If a house is 1 million dollars, and your down payment is $200,000, is that good or bad? |
That's what my parents are doing to this new house we're moving into. |
 |
 
Boodie
 |
Most down payments are only 10% down, which would be $100,000. Your parents put down 20%, which is a good thing, especially if they are trying to keep they're payments low. If you have the money to put down, the more the better! Just like buying a car!
:) |
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bostonianinmo
|
That's average. 20% down is normal. |
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Paul H
 |
The bigger the down payment on a house, the better. It keeps the mortgage payments down. If they pay 3 mortgage payments in advance as well, it will save them thousands of dollars in interest fees. A 20% down payment on a house is good. |
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jcampos8782
 |
20% down will give them lower interest rates on their mortgage and it will avoid private mortgage insurance (PMI). |
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gtofinancial.tomvoli
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That is good. they are putting down 20% an will avoid private mortgage insurance or a second mortgage as a result. Great move for anyone buying a home for the long haul.
Here is some additional info. Hope this helps. |
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Snagelfritz
|
Normally on a Conventional loan a Bank wants around 10% down. So, they are doing 20% which is good and it may help get a better interest rate. Any time a person can make a larger down payment than required by the bank, it is good. This why I try to tell people, that just because V.A. and F.H.A. Loans make it cheaper to move in they really need to understand the Mathematics involved in owning a home. Did you know, that 5 years from when your parents buy that house they will still owe almost what they borrowed? Most people never realize this, though I assume your parents will. |
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loststream
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It is very good that they are putting down the 20% The more, the better! Since at least 20% down will enable them to skip the purchasing of PMI (private mortgage insurance) unless they want to. You might want to make sure they aren't being unnecessarily pressured by their lender to take on PMI. |
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boston857
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In conventional/conforming financing, the max. loan amount is typically 80% fo the purchase price i.e. $200k in this case
However, nonconforming loans have lower LTV (loan to value) requirements.....sounds like your parents are doing a typicall conventional conforming loan. It's good to put down at least 20 percent since you avoid paying private mortgage insurance (PMI) |
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emourelatos
 |
Thats good, a twenty percent down is good. |
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mediagiant
|
If your parents are even looking at a $1M house, consider yourself very, very fortunate. I wouldn't even be able to dream about a house half that expensive without being laughed out of an imaginary bank.
If you can make a 20% down payment on a house (especially a $1M house), that's excellent. Many people buy houses that cost less than $200K without putting down a cent. That would be a red flag.
That said, even if they can qualify for it and even make the $200K down payment, should they? People frequently bite off more than they can chew...especially with houses and cars.
Maybe your parents can totally afford the $1M house. Good for them, I guess. |
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scrapandrock
|
Just to define "good debt", vs. "bad debt".......
Good debt, put simply, is being indebted to anything that returns money to your pocket.
Bad debt, put simply takes money away from your pocket.
So using those simple definitions, currently it's bad debt that if rented or sold has the ability to become good debt. |
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kja63
|
That's really your parent's business and not yours.
But as a general rule of thumb, if you can put at least 20% down on a house that's a good thing.
Everyone also needs to remember that in some areas of the country (USA), a million dollar house is a SHACK! In other areas, it's a mansion. |
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