CassieNet News :: Mortgage Know-How :: RE: Why Should i pay any Dowm Payments

Mortgage Know-How :: RE: Why Should i pay any Dowm Payments

Author: Anonymous
Posted: Sat Nov 12, 2005 11:33 am (GMT -8)
Topic Replies: 2

Hi Tim,

I think Jelina is right in saying that you should be very calculative.

In addition to it I will add some more points which are worth considering, like the more you put down, the bigger loan you can get from a bank. For example, if you put only 5% down, a bank might want to lend you up to $65,000. But if you put 10% or 20% down, the bank might be willing to loan you up to $78,000 or $100,000, respectively.

Also for a given house price, the more you put down, the easier it is to qualify for the loan. And lastly if you put 20% or more down, you won't have to buy Private Mortgage Insurance (PMI).

Let me know what you think about it.

James.

For the full story see:
http://www.mortgagefit.com/discuss/about1002.html
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