U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 06-10-2009, 07:46 PM
61 posts, read 266,559 times
Reputation: 41


Just have a question. We have been in our starter home for 3 years now and we planned to stay for 5 years. Now worrying about possible inflation in the future and huge rise in interest rates, we thought about selling next spring and that would make it a total of 4 years in the house. The homes in our neighborhood have kept their value and I could sell the house without a loss after realter fees, etc. We wanted to raise the cash for the downpayment on our next house instead of relying on the equity in our home. In one year we will have 15% down in cash on a 250,000 house and will have $10,000 in closing costs. We will also have an emergency fund and refuse to dip into that for a downpayment. Combined we bring home $5,800 after taxes per month and we have no credit card debt. Our FICO scores are around 790. The question is do they have second mortgages now or are they gone forever. We just won't have the exact 20% down in a year, but we dont want to wait 2 years when interest rates may be upwards to 10% and then we will never leave our starter home We love our current house, but have had some crime issues in the neighborhood and are ready to get out!
Rate this post positively Quick reply to this message

Old 06-10-2009, 11:38 PM
220 posts, read 984,312 times
Reputation: 170
You should be able to put down 15% with good credit, you just have to buy PMI.
Rate this post positively Quick reply to this message
Old 06-11-2009, 09:44 AM
Location: Wake Forest, NC
835 posts, read 3,745,617 times
Reputation: 648
There are currently lenders who still go up to 90% with their 2nd mortgages. Can't speak for next year, but as mentioned PMI is also an option.
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top