Downpayment vs. Appliances and Furnishings

Guest 0.10 Dollars($)

My wife and I have saved up almost $20,000 for a downpayment on a new home. If we were to buy a new home without any appliances or furnishings can something like that be added to a mortgage or would that have to be on a seperate loan or would it be better to have a smaller downpayment and just go out and buy the furnishings and appliances ourselves?

Thanks!

brian1 · Posted: Thu Jun 26, 2008 7:07 pm Post subject:

If you plan on buying the stuff then just put less down You will not be able to refinance later and would have to depend on an unsecured credit line at a higher interest rate.

Good Luck
Brian

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Lunchboks.

Welcome to the forum.

Can you afford the separate loan for "Appliances and Furnishings" and the mortgage payments together? If you can afford then you can go fir it but the interest rate of the separate loan will be higher.

I would suggest you to wait a bit and save more for the Appliances and Furnishings before you go for mortgage.

Feel free to ask if you have any more questions
.
Best of luck,
Larry

gmakerley · Posted: Fri Jun 27, 2008 8:02 am Post subject:

brian and i are once again on the same page. i suggest using a smaller down payment as well, and taking care of your furnishings that way. another option, of course, would be to finance those appliances, etc. separately - as long as the repayment of that doesn't strap your finances overall. keep in mind that any separate loan you might take would have to be considered by your mortgage lender as a recurring obligation also.

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