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Talking to out 1st time homebuyer class instructor, she wouldnt stop talking about how u r starting off your homeownership with no equity and how
"bad" that is....
whats ur take on it?
potential scenario:
100% financing on 280K home at 3.375%
Right, but what if ur not planning to sell for 25 years or more (worst case scenario 15 years, but that is NOT what we want)....
We did 100% on our first house. We were dumb as we thought we would still be able to sell in 5 years. Ended up in the house for 9. Decided we needed something bigger and sadly we were happy to walk away at net 0 at closing....100% has its down side on both sides of the spectrum. Biggest one is the what if scenarios.
What if the house is worth more than you financed it for?
@tooleman694 wrote:
Not planning it but what if you had to for whatever reason
Right I guess i get that, but wouldnt the equity be growing with each payment... So even if we HAD to sell in 3 years or 5 years or whatever, wouldnt there be equity????? IDK. I guess i just dont see it as THAT big of a deal when compared to the 3% down option (8400$ down). but I just feel like im missing something. . . im too new at this to trust my own opinion lol
@MovingForward_2012 wrote:
I did 100% financing and have no regrets. They are still building in our subdivision and there is a housing shortage in our state so demand is higher than supply and home values are rising. We are planning on staying for a very long time. This is not a starter home, this is our dream home.
Exactly -- thats how i feel like we feel. It would be our "forever"home (until "forever" ends lol).
@Adalen wrote:What if the house is worth more than you financed it for?
What if the economy tanks again and it is now worth less than the loan? For me I would just not do a 100% finance anymore. Its just a YMMV type thing.