Not exactly about parenting. We are wanting to start looking at buying a house and want to make sure we have a good down payment. Personal question but how much was your house vs your down payment?

Question

Price of home, down payment and monthly cost? We found a perfect place for our kids. It looks great and near great schools. The house it’s self is 299,000. We weren’t sure how much we should offer in order for our monthly payment to not be super high. Thank you!! I couldn’t find a group to put this question in

Answer

Youre going to need a preapproval from a lender to make a legitimate offer anyway. The lender would go over all these figures with you. You need to find a reputable bank or lender for a preapproval. Also, realtors cost nothing for the buyer at least in the U.S., they can advise you as to the offer price based on the market in your area, or you need to be savvy regarding examining comps in your area compared to this home's features to get a good asking price.

Answer

If you live in the US and can afford to put 20% down you should because then you don't have to pay PMI, but that's a lot of money and many people can't do that. Generally the higher the down payment the lower your monthly payment would be, but I agree with the other poster on working with an advisor because they'll be able to help you find the best solution for your particular financial situation.

Answer

Talk to a mortgage broke because this is going to depend on what interest rate you qualify for among other things. 20% is a good down payment to aim for, you’ll avoid paying mortgage insurance. Hypothetically on a house that’s $299k, if you put down 20% so $60k and got an interest rate of 4.7% your monthly payment would be around $1350.

Answer

Work with a real estate agent who has a good relationship with a mortgage broker. They can help walk you through the process. Everyone’s case will be a little bit different.

Answer

My husbands uncle is a partner in a realtor company and his main advice is to never put more than 5% down. It does not lower your monthly payment enough to put a minimum of 20% down.

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This is going to depend a lot on the loan you can get. That’s where you need to start. Figure out what you are qualified for, determine the monthly costs based on the loan and then decide how much to put down. Some people put very little down. Some people put a lot down. Many people put 20% down. Point is, everyone’s situation is different. Until you know what you can borrow, you can’t figure how much you can put down.

Answer

I’ve been looking for a house since last year. Talk to whichever bank you have your pre approval through. The person assigned to you can help you run the numbers, but generally, the more put out down as a down payment, the less interest you pay & the less you pay monthly. Do keep in mind the down payment & closing costs are 2 different things.

Answer

We bought our house for €349k. We put down €90k so that we could get a better mortgage rate. We only pay 1.2% interest because our LTV was so good from the beginning. Our monthly payment is around €1040

Answer

It really is dependent on what programs are available to you and what’s offered in your state. We qualified for a first time homebuyers loan and my state actually paid our down payment for us, we just have to live in the home for 4 years or more. Which isn’t even an issue because I don’t plan to move at all. We paid $120,000 for the house and our payment per month with interest, taxes, and insurance is $800.

Answer

We put 3% down. A lender and realtor can help you with what’s best for your finances and your area.

Not exactly about parenting. We are wanting to start looking at buying a house and want to make sure we have a good down payment. Personal question but how much was your house vs your down payment?

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