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05.22.08, 11:30 AM General Topics
25 replies
ok, i am FREAKING out over the purchase of this house!!!! we have $80k in savings, house is $375k and closing costs are $10k.hhi is 100k and no c/c debt. i'm scared about HELOC's and their floating rates, but I don't want to deplete our savings for a 20% down payment. and if we do that we'll have to borrow from c/c (2.9% int.) to pay for closing costs. WWYD??? no flames please. [ Reply | Watch | Flag ]
General Topics 05.22.08, 11:30 AM Flag
 

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um - not buy the house! [ Reply | More
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General Topics 05.22.08, 11:31 AM Flag
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where do you live? [ Reply | More
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General Topics 05.22.08, 11:31 AM Flag
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^^^oops- meant for OP [ Reply | More
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General Topics 05.22.08, 11:32 AM Flag
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[ Removed by moderator ] [ Reply | More
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General Topics 05.22.08, 11:31 AM Flag
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we are headed into a bad ecomony now. I think this is too much house for your income. [ Reply | More
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General Topics 05.22.08, 11:31 AM Flag
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itda. OP should put $50K down and end the deal with $20K in the bank. She can certainly afford a $325K mortgage with today's interest rates on $100K HHI. It is a good time to buy. [ Reply | More
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General Topics 05.22.08, 11:34 AM Flag
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^^^do not borrow from ccs. [ Reply | More
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General Topics 05.22.08, 11:37 AM Flag
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you haven't saved enough to buy this house then, IMO [ Reply | More
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General Topics 05.22.08, 11:32 AM Flag
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^^^if you don't want to just put the 20% down... [ Reply | More
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General Topics 05.22.08, 11:33 AM Flag
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Why? I think 375K is an economical price for that HHI. [ Reply | More
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General Topics 05.22.08, 11:35 AM Flag
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if not willing to put 20% down, I man [ Reply | More
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General Topics 05.22.08, 11:36 AM Flag
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i don't want to lose such a reasonably priced house that would be perfect for us, b/c of $25k, which we can finance... [ Reply | More
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General Topics 05.22.08, 11:52 AM Flag
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what's worse? 10k at 3% on the card or the additional money you'll pay by not putting down 20%? [ Reply | More
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General Topics 05.22.08, 11:33 AM Flag
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personally, I'm waiting. I don't think we are anywhere near the bottom of the market right now. If you do buy now, and hang on for ten years, you will be fine, but they could be tough years. [ Reply | More
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General Topics 05.22.08, 11:33 AM Flag
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we have hhi 220K, mortg of 200K, 15 yr, payment is 2400/mo. Feels tight sometimes, 3 kids. [ Reply | More
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General Topics 05.22.08, 11:33 AM Flag
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you are not managing your money very well then. we have a $340K mortgage and have $110K HHI. Our HHI was only $90K until a few months ago - now that was tight. Tight, but we managed. If you have trouble with a $2400 payment each month (mine is $2850 with taxes) on $220K HHI, you are spending too much on other things. [ Reply | More
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General Topics 05.22.08, 11:37 AM Flag
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Why are cc so much? in today's market they are really negotable, plus you will get it back in taxes next year. [ Reply | More
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General Topics 05.22.08, 11:34 AM Flag
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Have you shopped around for no closing cost options? Check out Bankrate.com. If you have good credit, you should be able to find a no points/ no closing cost option. [ Reply | More
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General Topics 05.22.08, 11:35 AM Flag
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then the interest rate will be higher and she'll be paying for it another way. they dont just give mortgages away for free. [ Reply | More
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General Topics 05.22.08, 11:36 AM Flag
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closing costs seem high. that said in the current environment it's tough to finance more than 80%. [ Reply | More
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General Topics 05.22.08, 11:41 AM Flag
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Go through Bank of America for your mrotage. They have a No Fee Mortgage that covers everything. Even your lawyers's fees, everthing. We didn't pay one dime over the DP and taxes at closing. [ Reply | More
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General Topics 05.22.08, 11:54 AM Flag
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you have to pay a higher rate for that, it costs a lot more in the long run. [ Reply | More
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General Topics 05.22.08, 11:55 AM Flag
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slightly higher. We are only planning on living in this home for 5-7 years. It worked out much better for us. Plus, for our situation we could afford a slightly higher payment, but needed to keep as much cash on hand as possible for moving, redo and refurninshing. [ Reply | More
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General Topics 05.22.08, 11:56 AM Flag
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If you have more cash available you can always pay extra payments. There's a bigger opportunity cost to putting up a chunk of cash early. [ Reply | More
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General Topics 05.22.08, 11:57 AM Flag
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go with the HELOC and use that $$ for closing costs. [ Reply | More
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General Topics 05.22.08, 11:54 AM Flag
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