My first place was a condo and I bought it with 10% down. This in hindsight was a mistake, my first house I saved and saved and waited and put 35% down. This is a key amount as it allows you to do a secured line of credit instead of a mortgage. I saved over 100k already in interest by using this method versus the mortgage route. If you can hold off and make it to 35% down it is ideal. However, in this market that is a large amount of money. If you want more info about this PM me and I can show you the breakdown and explain your savings. Mortgages really are for banks to make money.
|