[slakjaw]

Originally Posted by Z-man

Interesting. I am looking to sell my home that I've lived in for over 20 years and move into a nicer, slightly more expensive home. I am free and clear on my home (paid off my mortgage 7 years ago), and am hoping to close on the sale of my current home before I purchase my new home. Thus, I would likely be putting 75% or more down on the home, so I can enjoy a relatively small monthly mortgage payment.

What I am doing financially is typically considered to be an 'old school' way of doing things. (Take on the smallest amount of a loan possible & pay off debt ASAP). Yet based on POP's comments, this type of scenario is looked upon negatively. I'm not flipping my home, nor am I an investor -- I just believe in minimizing my debt first and foremost.

Interesting how an old school way of thinking (pay off debt, minimize loan amount) can be confused with a new type of investing (flipping a house). From totally different sides of the financial spectrum, yet the action (putting 75% down) is similar.

-Z-man.

PS: I have already gone through the pre-approval process, and the numbers my mortgage person is giving me are far higher than would I would be comfortable taking on a loan for. So my max budget is lower than the mortgage person's allowable budget for me. As stated before, I don't want to be house-poor. I'd rather take a modest bump in my house than live in a mansion decorated with lawn furniture and have cupboards filled with Rahmen Noodles. Old school works best, IMHO.

I thought that was interesting as well. I saved up enough to put 20% on a ~190k house. I am no flipper. if I hadn't saved id be over in Brooklyn park with the gang-bangers. I felt I needed the down payment to be able to survive the mortgage payment.