U
/u/tabbymeowmeow
Guest
Hi,
Husband and I are looking to buy in north Texas. It’s our first home. We’ve been apartment living and saving money for several years. As a first time homebuyer and as someone who isn’t the most financially literate, I am freaked out quite honestly.
Between my husband and I, we have about 140k to our name in the bank. Also, my parents are gifting us 25k towards the house. I make 55k a year and husband makes about 65k a year.
Husband wants to put as much money into the down payment as possible, which I get. But he wants to put like 120,000 into it. Is that reasonable? I get that sounds good because then our mortgage will be lower but I also realize there will be closing costs and such. And we still need to eat at the end of the day.
The interest rates in the neighborhood are 4.99, but the property tax is so high! Like 9k a year. I’m freakin out. We just got a realtor which makes me feel slightly better but I’m feeling sooo over my head. Our house range we’re looking at is 350k- 400k. Are we being delusional? Feel free to give a reality check if needed. We’re looking at new builds only because they interest rates a low right now with them.
submitted by /u/tabbymeowmeow
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First time home buyers. Trying to figure out how much to put into down payment? Also am I delusional or are we on the right track?
Continue reading...
Husband and I are looking to buy in north Texas. It’s our first home. We’ve been apartment living and saving money for several years. As a first time homebuyer and as someone who isn’t the most financially literate, I am freaked out quite honestly.
Between my husband and I, we have about 140k to our name in the bank. Also, my parents are gifting us 25k towards the house. I make 55k a year and husband makes about 65k a year.
Husband wants to put as much money into the down payment as possible, which I get. But he wants to put like 120,000 into it. Is that reasonable? I get that sounds good because then our mortgage will be lower but I also realize there will be closing costs and such. And we still need to eat at the end of the day.
The interest rates in the neighborhood are 4.99, but the property tax is so high! Like 9k a year. I’m freakin out. We just got a realtor which makes me feel slightly better but I’m feeling sooo over my head. Our house range we’re looking at is 350k- 400k. Are we being delusional? Feel free to give a reality check if needed. We’re looking at new builds only because they interest rates a low right now with them.
submitted by /u/tabbymeowmeow
[link] [comments]
First time home buyers. Trying to figure out how much to put into down payment? Also am I delusional or are we on the right track?
Continue reading...