"suddenly their 'DIY weekends' turned into expensive contractor calls."
Yep, seen this happen a lot. If you're fresh out of bankruptcy, a bigger down payment might help cushion unexpected costs. Otherwise, waiting a bit to build savings isn't a bad idea either... less stress overall.
Yeah, I get that bigger down payments help, but do they really cushion unexpected repairs? Seems like those costs pop up no matter what... Maybe having an emergency fund first makes more sense? Just thinking out loud here.
"Maybe having an emergency fund first makes more sense? Just thinking out loud here."
Honestly, that's exactly what I did. Learned the hard way when our furnace decided to quit mid-January... bigger down payment didn't help much then. Emergency fund first saved my sanity (and toes).
"Emergency fund first saved my sanity (and toes)."
Couldn't agree more with this. When we bought our place, I was so focused on getting a bigger down payment to lower monthly payments, I totally overlooked the emergency fund angle. Then boom—car transmission went out within two months of moving in. Lesson learned the expensive way. Now I always suggest building that cushion first... peace of mind beats slightly lower mortgage payments any day.
When we bought our place, I was so focused on getting a bigger down payment to lower monthly payments, I totally overlooked the emergency fund angle.
I get the logic behind prioritizing an emergency fund, but honestly, after bankruptcy, a bigger down payment can make a huge difference in loan approval and interest rates. Maybe it's about finding a balance between cushion and affordability rather than strictly one or the other?
