How much are you able to put down?

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[quote author="k.o." date=1219978891]Gosh I feel like a guppy swimming with great whites. I'm assuming that those who have a large down are hopefully older and more established than I am. If not, then I think I need a career change!



BTW, do others agree that if you have a large down but not a high salary you should put more $ into the down instead of keeping it in some sort of savings/investment? (And therefore not having such a large down payment?)</blockquote>


Thats what i'm going to do. Look at my name if you want to know how much I have in my downpayment fund (though not all of it will go towards the down payment, some will be for furnishing and a plasma+soundsystem).



I know the feeling too though, I feel like I have a long way to go to 'success' when I hear about all the money and salaries a lot of the people on this board have.
 
[quote author="25w100k+" date=1219981664] I feel like I have a long way to go to 'success' when I hear about all the money and salaries a lot of the people on this board have.</blockquote>


Success is when you can have a career on your own terms (including not working at all) and are still able to take care of yourself and/or your family at a level you're comfortable with. Some people never get there, because they are impossible to satisfy!



Sometimes, more income just translates to a faster treadmill. 40% total tax rates + alimony/support = 300K/year loserland.
 
[quote author="k.o." date=1219978891]Gosh I feel like a guppy swimming with great whites. I'm assuming that those who have a large down are hopefully older and more established than I am. If not, then I think I need a career change!



BTW, do others agree that if you have a large down but not a high salary you should put more $ into the down instead of keeping it in some sort of savings/investment? (And therefore not having such a large down payment?)</blockquote>


I was thinking the same thing. Not sure of the age of some of the bloggers here.... I am 29 (my husband is 40)... I feel we are in an okay position for this stage of our lives. May not have more than $100k in cash but we have zero debt and I think that's good. Give me another 15 years and I hope to be in a similar situation to some of our fellow bloggers.



I am not an expert but I think it makes sense to pay down as much of the mortgage as you can like you were saying. Even if you were to put some of your down into say a certificate of deposit - you're not going to earn as much interest as money you are losing on the extra debt you carry through your mortgage. Unless you are talking about something bearing greater return but therefore riskier. But don't risk money you can't afford to lose.
 
[quote author="k.o." date=1219978891]

BTW, do others agree that if you have a large down but not a high salary you should put more $ into the down instead of keeping it in some sort of savings/investment? (And therefore not having such a large down payment?)</blockquote>


this seems sort of a question of optimizing to your individual situation. assuming you're putting 25% regardless, what's the best balance between putting more down and keeping your monthly pymt down versus maintaining keeping more cash on hand given your current income situation.
 
I'm hoping to put up to 50% down on a home next year, and finance the rest with 15 year fixed rate mortgage. But unless if there's major price drops, I'd most likely be stuck with another 30 year loan.
 
We've always put whatever we got for our previous sale down (except for

the part where we improved our new house).



Not so sure I'd do that if I were buying any time soon.



You know, you can pick a number between 15 and 30 as far as fixed rate

loans go. The payments really increase a lot when you start going below

18-19 years. You won't get the lower interest rate if you go above 15.



Actually we had a 30 year only once in the 5 houses we've bought. 2 were

25 years and one was 18, as I looked down the amortization table and

picked the maximum we could really afford to pay.



Don't know if FHA will let you do that.



But if it was allowed, I'd go FHA, and then have a 20 year term.
 
[quote author="25w100k+" date=1219973649][quote author="Stuff It" date=1219970866][quote author="hbguybill" date=1219967569]I will be buying late this year or early next year. I will be putting about 300K down and buying a house in the 1M to 1,100,000 range.</blockquote>


I'm looking in a similar price range, but I will be putting at least twice as much down payment.



My question is, is it normal for people in CA to have such a huge mortgage? Unless you have a huge pay check, that doesn't leave much money left over for spending.</blockquote>


Uhh..I'd think you'd have to have a huge paycheck to save up <I>600k</I>....</blockquote>


I think its called 'buy low, sell high'. I sold at the peak and have been renting. I thought that was what these forums were all about?
 
Thanks everyone for their input... I had always thought about putting as much as I could on a down payment because I save like crazy. I wasn't going to put my entire savings down, but a large portion. I have some money from an inheritance and some leftover from my parents' hard earned money they gave to me for college. I'm not touching that at all, though. Instead, just using my earnings since I graduated goes to my house fund, and that's after my emergency savings, etc., are taken out.



And 25w100k+, dude/lady, you are doing quite well for yourself...!
 
[quote author="k.o." date=1220057022]And 25w100k+, dude/lady, you are doing quite well for yourself...!</blockquote>


<em>sniff, sniff.</em>



Is that Axe I smell?
 
Too Funny all...



As for guppies... we are all guppies. The truely rich people... well they probably don't even know what a blog is.... or they sold tier website :lol:



-bix
 
[quote author="upperlowerclass" date=1220080264]This is the last month I can say this.... 24w100k</blockquote>


well, next month my name will also be inaccurate. So do you just want to start using my account and I'll create 26w...? :-)



Course...if the market keeps going down I might have to adjust the numbers too...



;-)





What is it you do upperlower? Always nice to see other up and coming young professionals...
 
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