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SVTPerformance's Chain of Restaurants
Road Side Pub
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<blockquote data-quote="ON D BIT" data-source="post: 15418931" data-attributes="member: 10422"><p>Not sure where you're getting your numbers. </p><p>If you put 55k and borrow 400k that's more than 10% down. It's a little more than 12%. </p><p></p><p>Don't listen to mortgage brokers. They are here to up sell you. If it's not interest rate it's points. If it's not points it's pmi etc. The mortgage is going to be your biggest expense in other words your biggest waste of money. </p><p>Ex: 200k house, 180k w/ 10% down at 4% interest is a total cost of home is 438k. Or costing you 258k in fees. </p><p>160k loan w/ 20% down total cost of home is 417k. </p><p></p><p></p><p>My advise to op is pay off car and all cc and build cash in hand and debt to income ratio. Come in with 20% or more down and enjoy your life in your new home. Don't buy too much home 20-25% max of take home pay.</p></blockquote><p></p>
[QUOTE="ON D BIT, post: 15418931, member: 10422"] Not sure where you're getting your numbers. If you put 55k and borrow 400k that's more than 10% down. It's a little more than 12%. Don't listen to mortgage brokers. They are here to up sell you. If it's not interest rate it's points. If it's not points it's pmi etc. The mortgage is going to be your biggest expense in other words your biggest waste of money. Ex: 200k house, 180k w/ 10% down at 4% interest is a total cost of home is 438k. Or costing you 258k in fees. 160k loan w/ 20% down total cost of home is 417k. My advise to op is pay off car and all cc and build cash in hand and debt to income ratio. Come in with 20% or more down and enjoy your life in your new home. Don't buy too much home 20-25% max of take home pay. [/QUOTE]
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