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Reply to "Where do people keep these huge amounts for house down payments?"
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[quote=Anonymous][quote=Anonymous]Opened a home equity line against current home for down payment on the next one. For our first home, we scrimped and saved. And put down 3% and paid PMI for a couple of years until we could refinance out of it. [/quote] Same here, did 3% conventional though and am paying PMI now, however with the increase in prices we may be rid of it in a year. Where you live and host parties and the zip code you use is a status signal, so it wouldn't surprise me for people to put down $400k on a $1M home. I don't think it's any different from having a luxury car or shopping at Wegman's and paying for overpriced groceries.[/quote]
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