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Posted on 3/26/10 at 7:37 am to Luke4LSU
Uhhh ok...
I certainly didnt put 20% down.. I can CERTAINLY afford my home. I could have gotten approved for a 400k loan but I bought a 200k house. If anything with the rates being so low NOW would be the time to buy rather than wait to save 40k and most likely pay MORE in interest for the life of the loan than you would have paid for a few years paying PMI. I know I pay something like 85 a month in mortgage insurance. What you are suggesting would be completely asnine to take a risk of the rate going up to 7% again so I can save 85 a month for a couple of years.
Not to mention its a buyers market right now.
I certainly didnt put 20% down.. I can CERTAINLY afford my home. I could have gotten approved for a 400k loan but I bought a 200k house. If anything with the rates being so low NOW would be the time to buy rather than wait to save 40k and most likely pay MORE in interest for the life of the loan than you would have paid for a few years paying PMI. I know I pay something like 85 a month in mortgage insurance. What you are suggesting would be completely asnine to take a risk of the rate going up to 7% again so I can save 85 a month for a couple of years.
Not to mention its a buyers market right now.
This post was edited on 3/26/10 at 7:39 am
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