I'm thinking about saving and waiting to buy my first home so that I can have a very hefty down payment. But that would entail waiting until I'm around 35. I've gotten advice from relatives that that's rather late. ??
2007-01-10 07:17:35 · 5 answers · asked by KB 2 in Business & Finance ➔ Renting & Real Estate
It's never too late, and 35 isn't old to be buying your first home.
It's much smarter to wait until you are financially ready and stable, than to rush in and risk default if you have no savings to fall back on if your job goes bad or something.
You don't necessarily need a "hefty" down payment, but if you can put at least 5% down, AND have at least 4-6 months of your living expenses in the bank AFTER closing, I'd say you're in better shape than 90% of my first-time buyers.
Most people now buy with zero down payment, and if they're lucky, they've got $2-3000 in the bank after closing. God help them if they get laid off or miss more than 2 weeks of income. Especially if they are single or bought the home just on one income.
2007-01-10 07:24:08 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Of course not, what would you rather have a mortage affordable 3 perpetual lives? Signed by Satan?!
2007-01-10 15:32:52 · answer #2 · answered by Lil' Gay Monster 7 · 0⤊ 0⤋
I too have had 10 years in mortgage lending and could not say it any better than the last guy. His answer was perfect.
2007-01-10 15:26:18 · answer #3 · answered by Joe L 3 · 1⤊ 0⤋
the more time you use thinking about it, the later it will be
doesn't matter, you'll pay it off in the end
I'm 30 and only just got mine
2007-01-10 20:59:13 · answer #4 · answered by chickenhawk 2 · 0⤊ 0⤋
Don't compare yourself to others. And don't listen to those bad-news relatives.
2007-01-11 07:24:34 · answer #5 · answered by njyogibear 7 · 0⤊ 0⤋