Mortgage/Home Loan Help

[Ms. DICKINSON]

I don't know if this is an awkward question: Is it unheard of if buy a house that is in the market for $200,000 and I put down $100,000 in cash and get the rest from the bank?

Is it wise to do for that much of down payment?

 

[CPA]

So, you're putting 50% down? What's the worry? Probably a lot of underwriters would jump on your loan.

 

[wiredspider]

Not, not really. Just as long as you are comfortable with not having the liquidity of your $100,000.

 

[esun]

You can, and there's nothing wrong with that. However, with interest rates as low as they are now, it might be wiser to put 20 % down and invest the rest. You might end up ahead (riskier of course).

 

[Bignate603]

It depends what you want, but as long as you don't have something absolutely horrendous on your credit history you should qualify for almost any loan you want. I think that they don't like the loan to go under a certain % of the house (i.e. they may not like the idea of only financing 20% of the home) but 50% on a 200k house is going to be something they'll like.

 

[biggestmuff]

Put down 20% and use the rest to buy BP stock.

 

[fstime]

My advice is put down whatever amount gets you down to a monthly payment which you can afford with a 15 year mortgage.

30 year mortgages are the devil, you will be working your entire life for the house and pay around $35,000 more in interest over the lifespan of the mortgage if you finance 200,000.

Not to mention that if you do 15, you will be paid off in half the time and you will be netting much more money for the 15 years you'd otherwise still be paying off that 30 year for the remaining 15 years.

All for a measly 200-300 extra a month.

To answer your question more directly, you could say 30% down is a standard but there is nothing wrong with 40, or 50%. Each person is different and you have to see what is best for the situation you're in.