Quote:
Originally posted by Veterans Day
For someone like the gentleman that started this thread looking at 150k house, he can easily slide in at 3% fha being a first time homeowner. He may not like it, he may like a condo atmosphere. Your more than welcome to pay off more principal anytime you like. But telling yourself you need 10-15% before considering purchasing is nonsense. There are many more reasons and factors involved but limiting your purchasing power till you have atleast 10-15% down money is crazy
|
call me crazy than ;)
3% on a 150k home means a 145,500$ mortgage.
15% means a 127,500$ mortage...
the interest difference between the two is just nuts, and here in Canada any loan under 25% has to be insured. Meaning anywhere between 1.5 and 3.25% added to your mortgage. (3.25% in the case of 5% and 2.25% in the case of 15%)
All of this adds up to alot of money I just dont want to give to a bank.
Of course, if you really only have 5%, than yuo might still want to go for it. But if it's 5% and a benz or 15% and a Jetta, I know what I would do.