Right time to buy a house?

Nov 15, 2021 8 Comments

Hello Blind community

We are a couple and are in our late twenties. We are planning to buy a house sometime in Q3 next year but not sure about certain things so thought of taking opinions from the blind community

Household TC: 330K

1. Should we buy an independent house or a townhouse. Is it too early to think about this?
2. Our financing guy says put down 20%. Is the mandatory? Cannot we go with 10-12% to secure the deal?
3. What is the minimum we should keep as emergency money.
4. Is there a way to get best optimized interest rate in the market? What should we consider a bank or a private lender?

Thank you.

#housing housing #mortgage

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TOP 8 Comments
  • Affirm
    sjdirus118

    Go to company page Affirm

    sjdirus118
    20% isn’t mandatory for conforming loans. Jumbos may require 20% these days. That being said if you’re in California good luck any place with only 20% down regardless. You’re competing with all cash offers. Don’t get attached to any place.
    Nov 15, 2021 1
    • Apple
      sjobs@aapl

      Go to company page Apple

      sjobs@aapl
      No one cares about all-cash offers though. I kept reading the same thing for years and it ended up preventing me from buying a home earlier
      Nov 15, 2021
  • New
    JuTV44

    New

    JuTV44
    Aren't you paying PMI on top of your mortgage payments if you put down less than 20%?
    Nov 15, 2021 2
  • Walmart
    NLes11

    Go to company page Walmart

    NLes11
    Whats your location..?
    Nov 15, 2021 1
  • Amazon
    mykwrzwsky

    Go to company page Amazon

    mykwrzwsky
    1. That’s your preference. SFH (single family house) appreciates more in general.

    2. You can put a lower down but your interest rates will go higher. It’s also a higher burden on you

    3. lenders expect anywhere between 3-12mo of monthly payment. I personally think 6mo is safe.
    Nov 15, 2021 0