Should I put a large downpayment into a house, that might e a lot more then 20%?
I earn about 52k ayear ,and have about 250k in savings and investments, and the house`s that I am looking a are in the 240-280k range. I am also looking in the Killingly CT area. I am considering paying for half the house with the downpayment, and possibly more.What are the pros and cons of doing this?
I agree with Cheryl. You should consult the pros and cons with a financial consultant. The pro side would be a chance at a better interest rate, a smaller monthly mortgage and a stronger offer to a seller. The cons would be you may leave yourself short on monies in case of an emergency. Good luck and should you need any further assistance or have any quesitons, please do not hesitate to contact me.
Tim,
You should discuss the pros & cons with a financial advisor and mortgage broker. If you need my help to find something to buy contact me.
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