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Message
Is it always best to put 20% down on a house to avoid PMI?
Posted on 11/18/20 at 4:08 pm
Posted on 11/18/20 at 4:08 pm
I was wanting to put 20% down for a house.
Talked to my mortgage person and they ran the numbers for me and said it wouldn't be worth it since my pmi would be about $42/month.
Conventional loan @2.875%
I'm 22 years old and I have no idea about this stuff. First time buying a house.
Talked to my mortgage person and they ran the numbers for me and said it wouldn't be worth it since my pmi would be about $42/month.
Conventional loan @2.875%
I'm 22 years old and I have no idea about this stuff. First time buying a house.
This post was edited on 11/18/20 at 4:12 pm
23
Posted on 11/18/20 at 4:12 pm to pioneerbasketball
The question is $500 a year worth it to you?
Posted on 11/18/20 at 4:13 pm to pioneerbasketball
No.
Rather have cash on hand and affording to put things in the house vs paying a little more on a house note
Rather have cash on hand and affording to put things in the house vs paying a little more on a house note
Posted on 11/18/20 at 4:16 pm to pioneerbasketball
I put down 10% and pay $25 a month for PMI. No brainer
Not sure why I’m getting downvoted. Certainly we would agree my converted-cash did better in the market the last half year versus avoiding a $25/month fee and a 3.5% interest rate.
Not sure why I’m getting downvoted. Certainly we would agree my converted-cash did better in the market the last half year versus avoiding a $25/month fee and a 3.5% interest rate.
This post was edited on 11/19/20 at 8:45 am
Posted on 11/18/20 at 4:18 pm to pioneerbasketball
quote:
Talked to my mortgage person and they ran the numbers for me and said it wouldn't be worth it since my pmi would be about $42/month.
They're right considering current market conditions.
Also, congrats. Becoming a homeowner at 22 is no small feat.
Posted on 11/18/20 at 4:31 pm to pioneerbasketball
I put 3.5% down, my pmi was $77 a month and my house sold for $80k above what I paid for it in 2 years. If you're in a hot market and with current interest rates it makes little sense to put 20% down.
Posted on 11/18/20 at 5:07 pm to Chasin The Tiger
Lots of bad advice so far. Put ya 20% down.
For example, while the gentlemen above “made 80k” on his sale he is neglecting to take into account the amoritization of front loaded interest he paid as his loan wasn’t 2.8%
For example, while the gentlemen above “made 80k” on his sale he is neglecting to take into account the amoritization of front loaded interest he paid as his loan wasn’t 2.8%
This post was edited on 11/18/20 at 5:09 pm
Posted on 11/18/20 at 5:16 pm to pioneerbasketball
If you have 20% to put down and will still have substantial savings/funds for emergencies and such left over, do it. If not, don’t.
Posted on 11/18/20 at 5:24 pm to pioneerbasketball
Enough for conventional loan and get the pmi to fall off based on loan to value
Posted on 11/18/20 at 5:25 pm to pioneerbasketball
You were 7 years old when you signed up for this site? 
Posted on 11/18/20 at 5:39 pm to Epic Cajun
quote:
You were 7 years old when you signed up for this site?
Right! LOL. And this was back in the early days.
Something doesn’t add up here.
Posted on 11/18/20 at 5:45 pm to pioneerbasketball
As a person in the mortgage industry don’t put 20% down. Instead of monthly PMI, see if your mortgage person can run a one time single premium MI. It’s a one time charge and you never pay monthly MI.
Posted on 11/18/20 at 6:12 pm to Chasin The Tiger
quote:
If you're in a hot market and with current interest rates it makes little sense to put 20% down.
Sounds like 2006-08!
Posted on 11/18/20 at 6:20 pm to pioneerbasketball
WTF????????
we have found many posters here who signed up when they were like 15 or 16 here. but you were 7?
you literally cannot make this shite up.
we have found many posters here who signed up when they were like 15 or 16 here. but you were 7?
you literally cannot make this shite up.
Posted on 11/18/20 at 6:33 pm to PropofoLSU
Ok and if I rented during that same time period, I would've spent 80k with no return.
Posted on 11/18/20 at 7:21 pm to pioneerbasketball
How long do you plan on staying in the home?
If this is your dream home (at 22 years old?), put the 20% down and get the best mortgage possible and enjoy the best deal for a long time.
If you are like most Americans who dont keep a loan longer than 5 to 10 years, it doesnt matter so much. Do what makes you feel best about yourself.
If this is your dream home (at 22 years old?), put the 20% down and get the best mortgage possible and enjoy the best deal for a long time.
If you are like most Americans who dont keep a loan longer than 5 to 10 years, it doesnt matter so much. Do what makes you feel best about yourself.
Posted on 11/18/20 at 7:46 pm to Fat Bastard
quote:
WTF????????
we have found many posters here who signed up when they were like 15 or 16 here. but you were 7?
you literally cannot make this shite up.
I think this might be the account of the guy who was cheating on his pregnant wife and got caught. Whatever happened he deleted over 70K post and rumors where is paid a teenager to take over his account.
Posted on 11/18/20 at 8:00 pm to TigerintheNO
Wait wtf
Posted on 11/18/20 at 8:05 pm to jimbeam
Yea no shite, how did I miss this?
Posted on 11/18/20 at 8:41 pm to pioneerbasketball
Put 5% down Conv
Keep the extra cash for an emergencies
Keep the extra cash for an emergencies
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