2

8/3/2006 12:21:39 PM

Quote :

"ever heard of an 80/10/10 or 80/15/5? "

Those aren't bad ideas at all but that is assuming you can put down 10% or 15%. People who do not have cash to put down will be paying PMI.

Quote :

"i don't understand? if you have an annual income of 50K, get a mortgage for 150K...your monthly take home would be around ~3K and your monthly mortgage payment would be ~1K(assuming 30 year at 7%). am i missing something?"

You monthly take home might be around 3K, but if you only factor out income taxes. If you start to factor out 401K contributions, medical insurance, dental, FSA, etc. your take home is lower. Also on a 150K loan, paying only 1000/month is just interest and principle. If you have any of your taxes and home insurance included in your payment, then your definitely over 1K per month at a 7% interest rate.




[Edited on August 3, 2006 at 1:47 PM. Reason : n't]

8/3/2006 1:46:41 PM

no, you put down either 5% or 10%.

Learn about shit before you try to debate it.

8/3/2006 2:12:07 PM

^ Loans like that are offered that require 5%, 10%, and 15%. I assumed you were talking about a 15% down payment version. Regardless though with those options if you do not have atleast a 5% down payment, you're going to pay PMI. You could do an 80/20 loan I guess and not make a down payment. All of these piggyback loans have disadvantages though such as large balloon payments at the end.

[Edited on August 3, 2006 at 2:33 PM. Reason : v]

8/3/2006 2:32:55 PM

goldsboro represent

8/3/2006 3:50:02 PM

^^ I give up.

You have no idea what you're talking about, and obviously aren't going to try to educate yourself.

8/3/2006 4:09:58 PM

Quote :

"Do people really still pay PMI? what a scam that is."

Just going out on a limb, but I bet Manny Lawson has too.

8/3/2006 4:32:36 PM

Quote :

"Those aren't bad ideas at all but that is assuming you can put down 10% or 15%. People who do not have cash to put down will be paying PMI. "

Not if you belong to a credit union...

8/3/2006 4:46:28 PM

back to manny:

he can afford it.

8/3/2006 4:53:25 PM

man manny is tearing it up in SF. already gained one of the starting OLB spots.
http://www.realfootball365.com/nfl/articles/2006/08/manny-lawson-49ers080806.html

[Edited on August 9, 2006 at 12:41 AM. Reason : i didn't feel like making a new thread]

8/9/2006 12:40:59 AM