Home Downpayment- calling all homeowners

[indra_babu]

hello Friends,

Need some advice's in buying a home? is it good to put 20% down payment (this will wipe out all savings) or 5% down cheste (pay PMI)?  

what are advantages of putting 20% down payment? eppudu konchem uncertainty vundi kada so i actually don't want to wipe out my savings. but at the same time i have balances on credit cards.

Thanks in Advance.

[gudboy]

1 minute ago, indra_babu said:

hello Friends,

Need some advice's in buying a home? is it good to put 20% down payment (this will wipe out all savings) or 5% down cheste (pay PMI)? 

Thanks in Advance.

you have to keep savings for worst case scenario..( im not a homeowner but an advice from me)

[indra_babu]

Just now, gudboy said:

you have to keep savings for worst case scenario..( im not a homeowner but an advice from me)

thanks bro. I am thinking the same.. but edo doubts vunnayi. those savings are in stocks (ESPP) plan.

[iam_who_iam]

20% best, and inkonni months wait cheysi appudu 20% petti konu ala ani hand lo money lekunda undaku.. house untey atleast 1 year EMI lu kattukuney laa saving lo money unchuko..

[gudboy]

1 minute ago, indra_babu said:

thanks bro. I am thinking the same.. but edo doubts vunnayi. those savings are in stocks (ESPP) plan.

the people i know who bought home kept atleast 6 months home expenses as savings before buying a house.

[Gowtham7777]

Cash is gold

[xxxmen]

10% cheyi pmi vuntundi $300 extra katali but pmi ni refinance chesi tiseya vachu

1mnth mortgage kataka re finance chepinchu house appreciatiin cheyinchi pmi tisestaru

[vikuba]

45 minutes ago, xxxmen said:

10% cheyi pmi vuntundi $300 extra katali but pmi ni refinance chesi tiseya vachu

1mnth mortgage kataka re finance chepinchu house appreciatiin cheyinchi pmi tisestaru

1 month lo ne refinance cheyichochaa xxx?

[Bestguy]

you need to consider the location and technology your working as weell. Whether it is full time or ocntracting too..

[phatposts]

17 hours ago, indra_babu said:

hello Friends,

Need some advice's in buying a home? is it good to put 20% down payment (this will wipe out all savings) or 5% down cheste (pay PMI)?  

what are advantages of putting 20% down payment? eppudu konchem uncertainty vundi kada so i actually don't want to wipe out my savings. but at the same time i have balances on credit cards.

Thanks in Advance.

If you have savings, why are you carrying balances on your cards. That is not good for your financial health. 

If you are worried about paying 20% down, consider the fact that you pay PMI. But the remaining savings whatever you are keeping aside, invest them in such a way where your returns are atleast the same as PMI. Otherwise, after 3-5 years you will definitely be negative.

[former]

17 hours ago, indra_babu said:

hello Friends,

Need some advice's in buying a home? is it good to put 20% down payment (this will wipe out all savings) or 5% down cheste (pay PMI)?  

what are advantages of putting 20% down payment? eppudu konchem uncertainty vundi kada so i actually don't want to wipe out my savings. but at the same time i have balances on credit cards.

Thanks in Advance.

calculate yourself.

5% down payment kadithe PMI ni calculate cheyi 

20% kadithe nee PMI ni direct ga savings account lo pettu. Also, nee income forecast upcoimg 1 yr entha? (worst case lo neku job poyina enni months nevu survive avuthavu?)

Anni calculate chesuko, yiu will get the answers.

[Aakupaccha_caradu]

[former]

If u are FT employee, you can use ur 401k balance to pay off home loan. Its very effective cost savings.

Remember, all ur initial home payemnts are go to interest. If you have GC, I suggest put most of ur money on the upfront to reduce ur Interest payment.

[former]

Also take a look into ESPP plan. if u sell stocks on ESPP, what is your tax bracket?

[xxxmen]

1 hour ago, vikuba said:

1 month lo ne refinance cheyichochaa xxx?

Yup