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Forum » Do you think most people put down 20% when buying a home?
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Thread: Do you think most people put down 20% when buying a home?

post 1694510283 12-07-2023, 09:41 AM
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#31
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When I bought my house I put down the full 20% because otherwise they add a huge "insurance" interest penalty that pretty much will cost you more in the long run than the initial 20
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post 1694510313 12-07-2023, 09:42 AM
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#32
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Absolutely not.

FHA requires like 3.5% and there's options for lower income people to get 0% down.

I put down 10% when we bought ours.
post 1694510373 12-07-2023, 09:43 AM
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#33
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Put down as little as possible and finance for as long as possible with early repayment provisions
post 1694510533 12-07-2023, 09:49 AM
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#34
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Originally Posted By TugOfPeace⏩
My dad put 5% down on a home in Texas a couple years ago, and it appreciated 50% atleast since then. I agree though, that's hardly any equity.
Nobody gives a shiit about equity until its time to sell.

The main thing is buying and getting into a house. Then learn about amortization and how adding extra $ to your monthly payment can eliminate an assload of interest over time... Key words "over time"

Because over time is how you build equity, and over time is how your house appreciates.

Of course this being the misc we all pay 100% cash up front anyway, so nevermind lol..

Edit: And how is 50% appreciation "hardly any equity??"

By it's very definition it's 50% equity already.
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post 1694510823 12-07-2023, 09:56 AM
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#35
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Forget about logic, common sense etc and look at the world we actually live in. We are a world run by instant gratifiication, where people will buy the most expensive house they possibly can, with the least amount down and then use further credit to furnish it from top to bottom for social media worthy photos.
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post 1694511253 12-07-2023, 10:06 AM
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#36
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People should put the least amount down, and use the difference to do just about anything else

Mortgage interest rates move with the bond market, tying up extra cash in property risks huge opportunity cost. Paying off low-interest debt early has been one of the bigger financial mistakes I’ve made.
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