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"Ragebaited myself by asking my mom to guess what a down payment on a house would be these days (she guessed $8,000)" (piefed.world)
submitted 3 months ago by to c/lemmyshitpost@lemmy.world
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cross-posted from: https://piefed.world/c/shit/p/1128309/ragebaited-myself-by-asking-my-mom-to-guess-what-a-down-payment-on-a-house-would-be-thes

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[–] 12 points 3 months ago (3 children)

Usually 5% for first time home owners. Depending on your part of the country this may be easier to harder. I know a.lot of younger people getting out of the apartment game and into houses right now.

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  • [–] 11 points 3 months ago (2 children)

    what, where?? Around here in Germany like 20-40% seems to be the norm, although if you want a really good rate you're advised to shoot for 50%. Sure, 0% credits do exist, but those have such predatory rates that they're basically financial suicide.

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  • [–] 4 points 3 months ago (1 child)

    I just saw a "financial advice" YouTube short that recommended 3.5% down payment and investing the rest in the stock market, assuming that the returns will exceed mortgage interest payments and fees. It's a risky approach, but the rates aren't necessarily predatory in the USA - instead they make you buy insurance (PMI) for if you default, which adds to your payments

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