Posted by MSD on April 20, 2012 at 20:23:26 from (67.4.61.137):
In Reply to: O/T:Building a house posted by c-man on April 20, 2012 at 14:19:58:
A good downpayment is a must with a bank loan. 20% is common. Interest rates are the lowest they have ever been. Borrow as much as the bank will give you. You are locked in for 30 years at that historical low. 2-3-5 years from now interest rates could be back up to a more normal level. I paid as high as 13% to do a house one time and lived in one where I was paying 9%. That was normal back in the 90's. The cash you didn't put into it can be put towards something else that might come along when rates are high again. It's opposite of what all the others are telling you but think about it. When that piece of land comes up and rates are at 7-8-9% you might not be able to afford it but you will have your cash that you didn't put in the house.
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