How much did you put down for a down payment on your house?

posted 3 years ago in Home
  • poll: What percentage down payment did you make for your house?
    0-5% : (8 votes)
    29 %
    6-10% : (5 votes)
    18 %
    11-15% : (2 votes)
    7 %
    16% or higher : (13 votes)
    46 %
  • Post # 2
    4965 posts
    Honey bee
    • Wedding: June 2014

    hogoboom2012:  Commenting to follow! I don’t understand how some of these people put down $60K on a house! FI and I make about $100K combined but with rent, bills, etc. I don’t know how we would ever save that. It would probably take us 5 years! And we definitely want a house by then.

    Post # 3
    450 posts
    Helper bee
    • Wedding: January 2015

    We paid a 10% deposit which was about $30k. At the time we purchased 10% was the minimum the banks would lend on. Now its 20% here so we got in just in time!

    Post # 4
    5263 posts
    Bee Keeper
    • Wedding: April 2013

    We put down only 5%. If we had ot get 10% we would have been saving forever and living at his parents house the whole time and I was NOT doing that!

    Post # 5
    321 posts
    Helper bee
    • Wedding: September 2015

    20% here….which was because I needed to put a 20% minimum in order to waive the CMHC fee here (which is the mortgage insurance).

    Post # 7
    6457 posts
    Bee Keeper
    • Wedding: June 2013

    We have 20% saved for the houses in the price range we are looking at. We plan on at least 20% to avoid paying for private mortgage insurance.

    Post # 8
    480 posts
    Helper bee
    • Wedding: November 2013

    hogoboom2012:  we are going through the process now and I wish we could do 20% to avoid pmi! We are however doing 5% and will just make extra payments towards the principle.

    Post # 9
    8390 posts
    Bumble Beekeeper
    • Wedding: April 2013

    20%, but we would have put down less if we didn’t have a 6 month emergency savings in place and some extra for other expenses (i.e. appliances, tools, etc).  I don’t think it’s a good idea to completely drain savings just to put 20% down.

    Post # 10
    219 posts
    Helper bee
    • Wedding: May 2014

    I put 5% down which was about 16k. My settlement fees were just under 15k. I went through a private mortgage broker which had a much lower rate than even the military credit unions, and I had no monthly pmi–I paid 3k up front at closing which was about .75% (house was 424k) and was a one time only cost–no monthly payment.

    I put that much down because I didn’t give myself that much time to save and I’d rather have the cash reserves. I definitly wasn’t going to have well over 100k on hand to have 20%. By paying the pmi up front, which is less than what it usually is for a year, I didn’t really see any downside.

    Now, I bought a house that was stupid big for one person, still a lot bigger than we need even now that my fiance moved in last weekend, but it’s the house I wanted–I had a particular set of requirements and I’m glad I didn’t settle.

    I would recommend keeping cash reserves, seeing how things go, and making extra payments if you want to do that. You don’t know what will come up once you move in.

    Post # 11
    10454 posts
    Sugar Beekeeper
    • Wedding: January 2011

    20%, if we had to we would have used the HBP and borrowed from DH’s RRSPs to avoid paying mortgage insurance.  We had saved enough and didn’t end up touching them though.

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