buying a house need advice

[curtains]

[ QUOTE ]
u just dont seem like the kind of guy that likes to be tied down to something like a mortgage. i see u as a free spirited type. perhaps a bad read?

[/ QUOTE ]

I dunno doesnt feel like I'm tied down because I pay 1800 in rent now, and instead Ill probably be paying like 1100-1200 and actually own the place! FREE $$$$$$$$

[Strickly Bidness]

[ QUOTE ]
[ QUOTE ]
u just dont seem like the kind of guy that likes to be tied down to something like a mortgage. i see u as a free spirited type. perhaps a bad read?

[/ QUOTE ]

I dunno doesnt feel like I'm tied down because I pay 1800 in rent now, and instead Ill probably be paying like 1100-1200 and actually own the place! FREE $$$$$$$$

[/ QUOTE ]

i dont get it. r u moving out of the city? 1200 per month?
i dont know about the east coast, but where I live in San Fran you cannot get even a studio for that kinda monthly mortgage.

[SossMan]

[ QUOTE ]
So Im buying a house. I have some money in Vanguard. I could easily pay 5-10% of the downpayment however to pay 20%+ I'd need to take money out of Vanguard. It seems like it'd save me about 1% in interest.

Is it smarter to put as little down as possible and leave it in Vanguard or not? Forgive me if this is a really dumb question [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

your numbers are way off. nobody pays mortgage insurance anymore. if you want to put less down, get a combo loan. 80% first and 10% second. That way, the rate on the first is the same and the rate on the second is a little higher, but it's on a much smaller loan amount. Then, the analysis would be if your vangaurd could beat the rate on your mortgage.
For instance, if you are borrowing your 2nd at 9%, you would have to beat 9% on your vangaurd for it to make sense to take the 2nd...otherwise, just put more down.

If you have good credit, you should be able to get a no doc loan being a poker player. If you show 2 years of tax returns w/ gambling income, there are some lenders who will allow that with a letter from your CPA and a decent amount of reserves.

[curtains]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
u just dont seem like the kind of guy that likes to be tied down to something like a mortgage. i see u as a free spirited type. perhaps a bad read?

[/ QUOTE ]

I dunno doesnt feel like I'm tied down because I pay 1800 in rent now, and instead Ill probably be paying like 1100-1200 and actually own the place! FREE $$$$$$$$

[/ QUOTE ]

i dont get it. r u moving out of the city? 1200 per month?
i dont know about the east coast, but where I live in San Fran you cannot get even a studio for that kinda monthly mortgage.

[/ QUOTE ]


Noe staying in the city, got a good deal. Things aren't as expensive here in Philadelphia, surprisingly not all cities are exactly the same!

[f97tosc]

This site has a very good discussion on exactly the topic you brought up:

http://www.mtgprofessor.com/Tutorials%20...ent_to_make.htm

Long story short: if the extra coin you put into the down payment pushes it above certain thresholds (10%, 15% or 20%) for example, then you will get reduced interest on the entire mortgage, and this will result on a very good return on your extra down payment investment. If you don't push the down payment above one of the thresholds, then your return will "only" be the mortage interest, so it is not as clear cut.