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re: First time House Buyer....advice/ suggestions?
Posted on 2/28/13 at 11:11 pm to davidengle
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.
1
Posted on 3/1/13 at 11:19 am to novabill
quote:
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.
I agree. I can see the benefit of paying 20% down but lots of people with families who are renting aren't going to be able to save up $40,000 in cash for a $200,000 house. With rates less than 4%, I would jump on a mortgage now and try to go conventional if you can't go RD. The PMI isn't as high as FHA and it's not for the life of the loan, as FHA will be once the new rules go into effect.
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