Please do not post any get rich schemes on your website..I am looking to invest into real estate in connecticut. This is my first time.
Questions:
Whats is a good amount of a down payment on a house worth from 100,000 to 300,000?
Anthing i should avoid having on my credit report, or anything they love to see?
Any extra advice?
2007-01-14 06:09:24 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
You have to put down at least 20% to avoid mortgage insurance. Otherwise get out a good financial calculator and run different scenarios.
Plug in an expected rate of return on the money if invested and compare it to how much difference a higher down payment will make on your mortgage payments. Then make the choice that fits your needs best.
Your credit report should be free of charge-off and collections.
Check it for errors and correct any before you apply for the mortgage.
A mortgage lender will take all open lines of credit into account when deciding how much to lend. If you have any unused lines, it might help to close them - it might not - there is conflicting advice about that. If you put down a third or so, this will be less of a problem anyway.
Finally if your credit score is above 700, they'll love you.
2007-01-14 06:19:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That's no longer real, the rationale for failing in making an investment is that folks attempt to modify a certain sort to manage with the marketplace motion. The marketplace, any inventory, at any time has moved million one of a kind approaches. It's a lot a lot more and quicker than any frame to manage. To be effective in funding, in brief time period of direction, the investor will have to have an excessively transparent, very certain and really detailed sort. When the motion isn't for your sort, do not purchase. The long run 'purchase and maintain' sort does not require any sort. You purchase, you maintain, in a long run, a few cross down the drain, a few succeed in the sky, a few nonetheless brilliant and a few resurrect. That's the norm.
2016-09-07 22:00:59 · answer #2 · answered by ? 4 · 0⤊ 0⤋
20% and you avoid the additional expense of PMI. More than 20% and you may be missing out on other investments that provide a greater rate of return... I believe the average appreciation for real estate per year is something like 3%, whereas in a risk free savings account you can earn 3-5%.
2007-01-14 06:45:18 · answer #3 · answered by days_o_work 4 · 0⤊ 0⤋
Ask yourself why you want to invest in real estate now? The boom is over. Prices are most likely on their way down. Wait at least a year.
2007-01-14 10:45:39 · answer #4 · answered by Big R 6 · 0⤊ 0⤋
I can tell you to get educated in this area. try reading Robert Kyosaki or donald trump books.
2007-01-14 22:30:47 · answer #5 · answered by Rogelio C 1 · 0⤊ 0⤋