The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Getting the financials ready...||Date: 7/17/2014 12:38 AM|
|Author: Dwdonhoff||Number: 127254 of 128459|
I'd strongly encourage you to take 95-97% financing (3-5% down,) rather than raiding your growth accounts. You'll benefit from the compounding growth left at work far more than you'll incur expense on the higher loan-to-value mortgage and insurance.
I just got a fellow Bostonian of yours into a $530k condo, at 80% 5 yr ARM @ 2.625, and a 15% HELOC at 2.99% Can't guarantee you'd qualify for terms that sweet, but even if you took a fat & heavy FHA loan with mortgage insurance, you're better off holding back your cash.
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