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smshorttimer
Participant[quote=HLS]smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.[/quote]I’ve run the numbers many, many times in comparing different loan products and down payments. Yes, I get that I’d be paying a monthly fee for essentially peace of mind — larger cash reserve in case of job loss, mostly, and I think that’s going to win over. A double-dipper seems to be all but expected, and I am in an industry that’s considered vulnerable by most. Perhaps less so considering we’ve endured considerable workforce cuts and other cost-cutting, but still vulnerable.
But I’m still a sucker for putting down far more than a few grand.
Participant[quote=HLS]smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.[/quote]I’ve run the numbers many, many times in comparing different loan products and down payments. Yes, I get that I’d be paying a monthly fee for essentially peace of mind — larger cash reserve in case of job loss, mostly, and I think that’s going to win over. A double-dipper seems to be all but expected, and I am in an industry that’s considered vulnerable by most. Perhaps less so considering we’ve endured considerable workforce cuts and other cost-cutting, but still vulnerable.
But I’m still a sucker for putting down far more than a few grand.
Participant[quote=HLS]smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.[/quote]I’ve run the numbers many, many times in comparing different loan products and down payments. Yes, I get that I’d be paying a monthly fee for essentially peace of mind — larger cash reserve in case of job loss, mostly, and I think that’s going to win over. A double-dipper seems to be all but expected, and I am in an industry that’s considered vulnerable by most. Perhaps less so considering we’ve endured considerable workforce cuts and other cost-cutting, but still vulnerable.
But I’m still a sucker for putting down far more than a few grand.
Participant[quote=HLS]smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.[/quote]I’ve run the numbers many, many times in comparing different loan products and down payments. Yes, I get that I’d be paying a monthly fee for essentially peace of mind — larger cash reserve in case of job loss, mostly, and I think that’s going to win over. A double-dipper seems to be all but expected, and I am in an industry that’s considered vulnerable by most. Perhaps less so considering we’ve endured considerable workforce cuts and other cost-cutting, but still vulnerable.
But I’m still a sucker for putting down far more than a few grand.
Participant[quote=scaredycat]pay w/ fha, 3.5% down, get it back with 8k in tax credit. zero at risk[/quote]
Correct me if I am missing something, but couldn’t you do something better with that 8,000 bribe than use it to cover the FHA origination fee or mortgage insurance?
In my case, the difference between 15 percent down and 20 is $18,000. But I end up paying $1400 a year in PMI until that can go away and something like 70 extra a month in mortgage interest. It adds up. And the inflation question just gives me a headache. Thinking hurts.
Participant[quote=scaredycat]pay w/ fha, 3.5% down, get it back with 8k in tax credit. zero at risk[/quote]
Correct me if I am missing something, but couldn’t you do something better with that 8,000 bribe than use it to cover the FHA origination fee or mortgage insurance?
In my case, the difference between 15 percent down and 20 is $18,000. But I end up paying $1400 a year in PMI until that can go away and something like 70 extra a month in mortgage interest. It adds up. And the inflation question just gives me a headache. Thinking hurts.
Participant[quote=scaredycat]pay w/ fha, 3.5% down, get it back with 8k in tax credit. zero at risk[/quote]
Correct me if I am missing something, but couldn’t you do something better with that 8,000 bribe than use it to cover the FHA origination fee or mortgage insurance?
In my case, the difference between 15 percent down and 20 is $18,000. But I end up paying $1400 a year in PMI until that can go away and something like 70 extra a month in mortgage interest. It adds up. And the inflation question just gives me a headache. Thinking hurts.
Participant[quote=scaredycat]pay w/ fha, 3.5% down, get it back with 8k in tax credit. zero at risk[/quote]
Correct me if I am missing something, but couldn’t you do something better with that 8,000 bribe than use it to cover the FHA origination fee or mortgage insurance?
In my case, the difference between 15 percent down and 20 is $18,000. But I end up paying $1400 a year in PMI until that can go away and something like 70 extra a month in mortgage interest. It adds up. And the inflation question just gives me a headache. Thinking hurts.
Participant[quote=scaredycat]pay w/ fha, 3.5% down, get it back with 8k in tax credit. zero at risk[/quote]
Correct me if I am missing something, but couldn’t you do something better with that 8,000 bribe than use it to cover the FHA origination fee or mortgage insurance?
In my case, the difference between 15 percent down and 20 is $18,000. But I end up paying $1400 a year in PMI until that can go away and something like 70 extra a month in mortgage interest. It adds up. And the inflation question just gives me a headache. Thinking hurts.
Participant[quote=Adebisi][quote=urbanrealtor]
You (adebisi) just really seem to want to mix it up with pros here in a disrespectful way.
[/quote]I asked HLS two questions:
(1) Do you disclose your commission for selling a mortgage?
(2) How do those commission rates compare to FHA?Instead of just answering my questions, HLS went ballistic and called me a jerk and a fool. I consider HLS’s behavior to be far from ‘pro’fessional and I don’t see how those two questions are disrespectful.[/quote]
That’s funny coming from you.
Participant[quote=Adebisi][quote=urbanrealtor]
You (adebisi) just really seem to want to mix it up with pros here in a disrespectful way.
[/quote]I asked HLS two questions:
(1) Do you disclose your commission for selling a mortgage?
(2) How do those commission rates compare to FHA?Instead of just answering my questions, HLS went ballistic and called me a jerk and a fool. I consider HLS’s behavior to be far from ‘pro’fessional and I don’t see how those two questions are disrespectful.[/quote]
That’s funny coming from you.
Participant[quote=Adebisi][quote=urbanrealtor]
You (adebisi) just really seem to want to mix it up with pros here in a disrespectful way.
[/quote]I asked HLS two questions:
(1) Do you disclose your commission for selling a mortgage?
(2) How do those commission rates compare to FHA?Instead of just answering my questions, HLS went ballistic and called me a jerk and a fool. I consider HLS’s behavior to be far from ‘pro’fessional and I don’t see how those two questions are disrespectful.[/quote]
That’s funny coming from you.
Participant[quote=Adebisi][quote=urbanrealtor]
You (adebisi) just really seem to want to mix it up with pros here in a disrespectful way.
[/quote]I asked HLS two questions:
(1) Do you disclose your commission for selling a mortgage?
(2) How do those commission rates compare to FHA?Instead of just answering my questions, HLS went ballistic and called me a jerk and a fool. I consider HLS’s behavior to be far from ‘pro’fessional and I don’t see how those two questions are disrespectful.[/quote]
That’s funny coming from you.
Participant[quote=Adebisi][quote=urbanrealtor]
You (adebisi) just really seem to want to mix it up with pros here in a disrespectful way.
[/quote]I asked HLS two questions:
(1) Do you disclose your commission for selling a mortgage?
(2) How do those commission rates compare to FHA?Instead of just answering my questions, HLS went ballistic and called me a jerk and a fool. I consider HLS’s behavior to be far from ‘pro’fessional and I don’t see how those two questions are disrespectful.[/quote]
That’s funny coming from you.
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