Benjamin R. Everett,
Agent, Philadelphia, PA
Nicole,
I think both Shanna and Margaret have good points. It really depends upon your goals with that extra money and your cash-flow. More down means less per month, it also mean less money to work with in the short-term.
If you want to talk about the particulars of your situation feel free to call or email and I'd be happy to help.
Ben
I think both Shanna and Margaret have good points. It really depends upon your goals with that extra money and your cash-flow. More down means less per month, it also mean less money to work with in the short-term.
If you want to talk about the particulars of your situation feel free to call or email and I'd be happy to help.
Ben
Margaret Hassani,
Broker, Tampa, FL
Hi Nicole - Shanna makes a good point. The savings on your monthly payment between 3% down and 5% down, is about $8 per hundred thousand of mortgage (at 5% interest rate). So you may want to save that extra money to buy furniture!
Shanna Rogers,
Broker, Murrieta, CA
Hi Nicole,
If you put more down, you have to borrow less and therefore your payment should be less - though you need to see in the decrease in your payment is worth putting more down.
Shanna Rogers
SR Realty http://www.RealtyBySR.com
If you put more down, you have to borrow less and therefore your payment should be less - though you need to see in the decrease in your payment is worth putting more down.
Shanna Rogers
SR Realty http://www.RealtyBySR.com
Bruce Lang,
Broker, Philadelphia, PA
its all a question of your cash position and income. FHA isn't right for everyone.
Michael N.,
Real Estate Pro, Philadelphia, PA
Go to http://www.mortgagecalculator.org/. There you can determine your monthly principle and interest payment under different scenarios.
Web Reference: http://www.CMTrealestate.net
Joe White,
Agent, Philadelphia, PA
Nicole,
One strategy some of my clients use is to take the maximum loan amount. The they make additional payments based on their budget.
Once you get your equity built up, your monthly payment drops DRAMATICALLY when the PMI (Principal Mortgage Insurance) drops off.
Joe
MoveSmarter@Gmail.com
One strategy some of my clients use is to take the maximum loan amount. The they make additional payments based on their budget.
Once you get your equity built up, your monthly payment drops DRAMATICALLY when the PMI (Principal Mortgage Insurance) drops off.
Joe
MoveSmarter@Gmail.com
Ana Barlow,
Agent, Philadelphia, PA
Hi Nicole:
You need a real estate agent or mortgage broker to provide you with a buyers closing cost sheet based on a projected sale price. On this paperwork, which factors in all fiscal elements, you will be able to determine how much you monthly payment will be. An agent or mortgage professional can provide you with a breakdown of costs for a series of senarios - I always go out of my way to break down the costs for my clients multiple ways: 3.5% down, 5% down or more. Often the difference per month is not as great as you think it will be - you need this breakdown in black and white to make an educated decison and then it will be quite simple. However bear in mind that the less you put down the higher your PMI will be, as well as having less equity over the first years of ownership. Good luck! This may be new and confusing but you will grasp it!
Ana Barlow anabarlow@gmail.com Coldwell Banker Preferred Agent
You need a real estate agent or mortgage broker to provide you with a buyers closing cost sheet based on a projected sale price. On this paperwork, which factors in all fiscal elements, you will be able to determine how much you monthly payment will be. An agent or mortgage professional can provide you with a breakdown of costs for a series of senarios - I always go out of my way to break down the costs for my clients multiple ways: 3.5% down, 5% down or more. Often the difference per month is not as great as you think it will be - you need this breakdown in black and white to make an educated decison and then it will be quite simple. However bear in mind that the less you put down the higher your PMI will be, as well as having less equity over the first years of ownership. Good luck! This may be new and confusing but you will grasp it!
Ana Barlow anabarlow@gmail.com Coldwell Banker Preferred Agent
