Buying A Home
jessica490
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Down payment question
When you put 20% down on a house, is it 20% of the house price, or is it 20% of the total loan price (including taxes, any PMI, insurance).
For example, if we put an offer on a house for $200,000 and it gets accepted, would we just pay $40,000 as a down payment or would it more once the final loan amount is figured out (including taxes, PMI, insurance)? Just need to know if we need to save more than 20%
Re: Down payment question
20% down for a 200K house would be 40K. Your mortgage would then be for 160K. You will have additional expenses at closing - title search, prepaid for taxes , recording fees and points etc . ( With 20% down there is no PMI.)
ETA: To actually get into your house you will need more than the downpayment and closing costs. Be prepared for moving costs, utility deposits, repair and renovations, additional furniture/appliances and decorating. Tools, ladders as well as yard items (hoses, shovels, ladders, garbage cans and a million small items.
Do have an emergency fund in place - STILL in place after you close and move in!
Two good books to read:
House Buying for Dummies and Mortgages for Dummies