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Originally Posted by B767Driver Here's my advice to "young'uns" when they ask about buying a house. First make sure you have enough cash to make a 20% down payment. Secondly amortize the loan for no more than 15 years. Third, ensure that after the transaction that you still have enough of an emergency fund to last 3 to 6 months. (Being in aviation, as unstable as it is, I feel more comfortable with a larger emergency fund. I keep about 18 months worth of living expenses in mine.) |
A 20% down payment on a home in most parts of California is nearly an entire mortgage in other parts of the country.