I think that's one of the best explanations I've ever read of the justification of a 20% down payment.Put down the 20% and you will earn a guaranteed 9 or 10% simply by not having to pay up for the loan.
To say nothing of the PMI premiums.
I think that's one of the best explanations I've ever read of the justification of a 20% down payment.Put down the 20% and you will earn a guaranteed 9 or 10% simply by not having to pay up for the loan.
Since I consider mortgage brokers to vy for last place in the ethical sweepstakes with used car salesmen, annuity hucksters, televangelists, and former Intel middle managers, I will assume you meant taht as a compliment...
Really, it is just my experience of having been at about the same income level and carrying a $240k mortgage.
Can you please explain how the loss would be any different depending on your down payment? Am I missing something?
Since I consider mortgage brokers to vy for last place in the ethical sweepstakes with used car salesmen, annuity hucksters, televangelists, and former Intel middle managers, I will assume you meant taht as a compliment...
Since I consider mortgage brokers to vy for last place in the ethical sweepstakes with used car salesmen, annuity hucksters, televangelists, and former Intel middle managers, I will assume you meant taht as a compliment...
A $950 mortgage payment suggests a value of around 100k on the mortgage at 6% creates a payment of close to $1000. These are aproximates at best.I make slightly over $100,000/yr excluding bonuses and am now interested in purchasing a home.
While beginning to explore the market, I'm noticing that my tastes gravitate to homes in the $280,000 to $400,000 range. The lower end being foreclosures.
I have no other debt obligations and given that this is a buyer's market:
1) Would I be over-extending myself purchasing in this range? *I hate owing someone money, so the fact that this would be "good debt" still doesn't appease me psychologically*
2) Get the most I can afford (guidance), and wait for the housing wave to pick back up.
I live in East Atlanta, am single, and 42.
Thanks,
Mary