Hi, I'm Joyce Slous. I was born in Brooklyn and raised Queens, New York. After graduating from Brooklyn College, I became an elementary school teacher. In my 3rd year of teaching, guess what?! I moved to New Jersey. Then I decided that instead of going back to teaching, I was going to become a piano player and decided to go to Julliard. That lasted about 4 weeks! I figured that to become an expert pianist, I would have to practice, practice, and practice until I was 85! NOT! So I went to Montclair State University where I received a Master's Degree in Speech and Audiology. That didn't last too long either! I became pregnant and along came David. (David is now 26!) That was 1975 and when I moved to Montclair and bought my first house, I knew nothing about the area! But, boy oh boy, if I could do it again . . .I'd come right back to the same place. What a wonderful place to raise a family. In 1981, Ali was born and then came my second home!
Please Sign Up For The
Latest Listings and the Latest Real Estate News
First Time Buyers >The Down Payment
Perhaps no single decision in a real estate purchase has more variables than "How much money do I put down?" Conventional wisdom centers around either putting down as much as you can or as little as the lender allows.
If you put down a large payment, you get some leverage with the lender, such as little or no mortgage insurance, a good equity position, and perhaps a preferred mortgage deal. You will also have lower mortgage payments. One potential disadvantage of a large down payment is that you will be using after-tax dollars on which you could be earning interest. You will also have less tax-deductible interest.
When you buy a home with a low down payment, you will have more tax deductible interest, and your investment value percentage will increase faster. You will have little equity at the outset, and your monthly mortgage payments (and perhaps your interest) will be higher. However, you will also keep more of your own money in hand to potentially earn more interest in other investments.
|
| Q |
What is the only land in the world that has not been walked on by human feet?
|
| A |
A small 200 square-mile section of Antarctica is the only terrain on Earth that not one person has stepped foot on.
|
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERT™ 
