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re: First time House Buyer....advice/ suggestions?
Posted on 2/28/13 at 10:17 pm to Brettesaurus Rex
Posted on 2/28/13 at 10:17 pm to Brettesaurus Rex
(no message)
This post was edited on 3/28/13 at 6:31 pm
1
Posted on 2/28/13 at 11:11 pm to davidengle
quote:
My opinion is, I recommend 20% down payment so that you can avoid paying PMI (Prime Mortage Insurance). If house is 200K and you put 20% down then that is 40K down. Financing 160K will run you with a monthly payment including taxes and insurances of roughly $1300 a month at today's interest rates. Of course, you'll want to be sure to buy a home with little maintenance so that you don't overextend yourself. Be sure to not put all your savings into a home either. I hope this helps!
Not a bad opinion, however, many do not have the 20% to put down and do not want to wait for the rates to go up prior to buying a home.
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