- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Is avoiding PMI that important?
Posted on 12/30/14 at 8:54 am to lsujro
Posted on 12/30/14 at 8:54 am to lsujro
This is our thinking as well, this is the end all be all house until we can't go up and down stairs anymore and need a townhouse again 
You know how hard it is to store baby toys, fishing stuff, and 10 gallons of homebrew in a townhouse? My wife is going to hang me soon.
quote:
a townhouse you don't fit in
You know how hard it is to store baby toys, fishing stuff, and 10 gallons of homebrew in a townhouse? My wife is going to hang me soon.
0
Posted on 12/30/14 at 9:15 am to foshizzle
quote:
Here's another one - if you are early in your career and buying a place to stay in for the next 20-30 years while you raise a family, you might want to consider buying a bit more than you can afford right now. The idea here is that presumably you'll get some significant salary increases in the next 5-10 years and it'll work out.
This is horrible advice.
Posted on 12/30/14 at 9:26 am to OceanMan
I've been told by a friend who is an agent that for what we want to do, get as much house as we can afford.
I mean we're not going nuts its a 4 bedroom 3.5 bath, 3 car garage, and finished basement.
I'm certainly not buying something I can't afford.
I mean we're not going nuts its a 4 bedroom 3.5 bath, 3 car garage, and finished basement.
I'm certainly not buying something I can't afford.
Posted on 12/30/14 at 9:26 am to OceanMan
quote:
you might want to consider buying a bit more than you can afford right now
quote:
This is horrible advice
And PRECISELY the reason the bubble was created and subsequently burst.
Posted on 12/30/14 at 11:00 am to ItNeverRains
(no message)
This post was edited on 12/21/21 at 10:05 am
Posted on 12/30/14 at 11:00 am to ItNeverRains
(no message)
This post was edited on 12/21/21 at 10:07 am
Posted on 12/30/14 at 11:09 am to XanderCrews
6% of 310k or over $18k
Unless you negotiate a reduced rate with the realtor(s).
The closing and doc fees and all the other BS can add up though. Doing it twice, could reach $18k (realtor doesn't avoid these costs though).
Unless you negotiate a reduced rate with the realtor(s).
The closing and doc fees and all the other BS can add up though. Doing it twice, could reach $18k (realtor doesn't avoid these costs though).
Posted on 12/30/14 at 11:11 am to BoogaBear
I think you can pay some comparable amount up front to avoid the life long payments, which is what we did. More upfront, but we saved exponentially more in the long run.
Posted on 12/30/14 at 11:45 am to XanderCrews
quote:
Im not real good at math, but if I sold my house myself at a price of 310k how much does that save me vs a realtor?
In the real world, the one where the unrepped buyer wants the unrepped buyer discount in the sales price cause he reads tigerdroppings, max 3%.
But that wasn't your original statement smart guy. If it was it was horribly, horribly worded.
Moving twice vs stretching into a mortgage with PMI on a conventional loan will be more expensive 99.999% of the time. Even without a realtor
This post was edited on 12/30/14 at 11:47 am
Posted on 12/30/14 at 1:27 pm to ItNeverRains
One more gentle suggestion: start "editing" your possessions now. If you plan to move in the next year, you'll need to do this anyway. Go thru all the kiddie crap, have a garage sale/eBay/craigslist what you don't use, do the same for hobby/rec stuff. You can make a little extra scratch to put toward a new house, will make your current circumstances less crowded, and will give you an appreciation for how much space you really need.
With oil where it is, I'd be waiting a bit to see where the housing market is headed (assuming you're in the oil patch areas).
With oil where it is, I'd be waiting a bit to see where the housing market is headed (assuming you're in the oil patch areas).
Posted on 12/30/14 at 4:36 pm to BoogaBear
It's just money
Posted on 12/30/14 at 6:18 pm to hungryone
quote:
Paying PMI is throwing money away. So, yes, it is important to avoid it. Keep saving until you hit that 20%, or buy less house.
Posted on 12/31/14 at 8:57 am to BoogaBear
It is important because PMI really is just throwing money away, but it all depends on the situation. We built our house in 2011 and only put 10% down because we didnt want to totally deplete all of our liquid based on the size house we were building. A year and a half later we refinanced and with our new appraisal we had gained $125k in equity. PMI gone. It was a good move.
Posted on 12/31/14 at 9:06 am to Titan
quote:
It is important because PMI really is just throwing money away, but it all depends on the situation.
A year and a half later we refinanced and with our new appraisal we had gained $125k in equity. PMI gone. It was a good move.
I would argue not taking a mortgage with PMI would have been throwing money away. I'd argue this is true for 90% of all buyers who bought post housing bubble.
Posted on 12/31/14 at 4:20 pm to BoogaBear
quote:
BoogaBear
So what types of #s were you seeing for your mortgage? Did you look at a few different options and which ones sounded the best?
Posted on 3/4/15 at 8:42 pm to CQQ
What was that loan called allowed you to buy out of PMI with great credit and 0.05% down? Does everyone offer this or certain loan company's?
Posted on 3/5/15 at 7:34 am to GirlD
On a conv loan you can put as little as 3% down and roll MI into finance amount of loan for about 2% of loan amount in most cases
Posted on 3/5/15 at 9:52 am to ItNeverRains
And you have to pay that additional 2% of loan amount until you have 20% equity?
Posted on 3/5/15 at 10:07 am to LSUtoOmaha
NM
This post was edited on 3/5/15 at 10:10 am
Posted on 3/5/15 at 10:07 am to LSUtoOmaha
No, 2% of the loan amount (not the loan rate) gets added to the loan amount and then you just pay off the loan
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News