What is the average amount of the down payment regarding the price?
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faulkner
Apprentice
Joined: 06 May 2006
Posts: 2
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 Posted: 08/30/08 - 04:29 Post subject: |
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| What is the average amount of the down payment regarding the price? I am trying to make some things a bit clearer, because I am considering this option for buying a house. I mean, I am still having a difficulty understanding what is a better option – mortgage or down payment? Thanks for your help |
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hakim
Apprentice
Joined: 04 May 2008
Posts: 1
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| Posted: 09/14/08 - 04:13 Post subject: |
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| Hi there. I really do not know what to tell you man, but I think that the best thing that you can do is consulting some specialist who can tell you what the best option for you is. I know that in general down payment is much better option, because the conditions are much better for the buyers. As far as I know, when buying a house, the down payment is most often 20 percent of the loan price, but sometimes it can also be 5 percent of the price. |
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garwood
Apprentice
Joined: 14 Sep 2007
Posts: 1
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| Posted: 09/29/08 - 03:57 Post subject: |
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| Hello. I think that it is much better that you somehow try to get enough money so that you can pay down payment for buying the house. I mean, unless you do, and if you pay borrow more than 80 percent of the house value, the lender will ask you to take mortgage insurance, in order to keep them protected. Of course, you can always take 2 loans – one for the 80 percent of the price, and another one at 20 percent, which will be down payment. But the rates on the smaller loan can be very high, and I think it will cost you even more. |
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