The ULTIMATE home buying question....?

Answers:4   |   LastUpdateAt:2012-09-06 10:15:04  

Asked at 2012-08-14 18:29:35
I'm about to graduate from college , and I have about 15,000 saved. I am thinking of buying a condo of about 85,000. I have two choices when it comes to mortgage ....

100% of the loan, the payment of 6.75 % to about 550 a month (not required PMI )

95% of the loan , payments of 6.375% over 540 per month ( including PMI) (4,250 cash down payment )

My qestion is this .... ? Does it make any sense to make a down payment when only lower the payments for about $ 10 a month? I wish I had equity in the property , but could use the money to pay off my car completely , which would free up $ 115 a month.

Market is Tulsa , OK ..... appreciation rate of around 3-5% a year, really is not affected by the market, so there is never any downturrns really important. I'm looking to be home for about 5 years.
Answer1kareemaAnswered at 2012-08-14 22:09:02
I bought a number of new homes in foreclosure or just before going into foreclosure . Getting a bank loan officer and let him know what you do and often direct you to someone who does not want to ruin your credit for foreclosure. You can even get around a real estate agent sometimes doing this and save thousands of dollars. Any company can close Summary of the house for you without an agent. I own 6 houses and a rental complex of 4 and have come all this way .
Answer2sarah smithAnswered at 2012-08-20 11:10:03
Definitely , 100 % loan at 6.75 % . That is the way to go , if you do the smart thing . The smart thing is to pay the car note and put $ 100 per month extra on your mortgage . MedlinePlus MedlinePlus The rapid accumulation of capital , $ 100 per month for five years , in addition to paying the mortgage will make your future bright. Smarter still pay $ 325 every two weeks, more than half of the custody and will save a lot of money . MedlinePlus MedlinePlus Please note the figures indicate only the mortgage payment is not insurance and taxes . Allow $ 200 to $ 300 per month. Please contact me , I can share some information that will make owning a mortgage so fun you will not want to do anything else .
Answer3sunitaAnswered at 2012-09-01 16:38:02
You should put the money in the house , and then , if the interest rate is high car, get a line of credit to pay. Remember that the difference of 0.4 % , or $ 10 per month , really add up over 25 or 30 years.
Answer4COFFEEAnswered at 2012-09-06 10:15:04
Do not spend all your money in the purchase process . Go with the 95% and put the rest on a CD for 5 years . When you sell the place that will have the home equity and income from your investment .
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