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Is it always best to put 20% down on a house to avoid PMI?Posted by pioneerbasketball
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 at 4:12 pm
re: Is it always best to put 20% down on a house to avoid PMI?Posted by TigerintheNO
on 11/18/20 at 4:12 pm to pioneerbasketball

The question is $500 a year worth it to you?
re: Is it always best to put 20% down on a house to avoid PMI?Posted by CE Tiger
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
re: Is it always best to put 20% down on a house to avoid PMI?Posted by jimbeam
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 at 8:45 am
re: Is it always best to put 20% down on a house to avoid PMI?Posted by KamaCausey_LSU 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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by Chasin The Tiger
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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by PropofoLSU
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 at 5:09 pm
re: Is it always best to put 20% down on a house to avoid PMI?Posted by Dawgfanman
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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by HailToTheChiz
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
re: Is it always best to put 20% down on a house to avoid PMI?Posted by Epic Cajun
on 11/18/20 at 5:25 pm to pioneerbasketball

You were 7 years old when you signed up for this site? 

re: Is it always best to put 20% down on a house to avoid PMI?Posted by skewbs
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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by ellesssuuu 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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by go ta hell ole miss
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!
re: Is it always best to put 20% down on a house to avoid PMI?Posted by Fat Bastard
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.

re: Is it always best to put 20% down on a house to avoid PMI?Posted by Chasin The Tiger
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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by meansonny
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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by TigerintheNO
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.
re: Is it always best to put 20% down on a house to avoid PMI?Posted by jimbeam
on 11/18/20 at 8:00 pm to TigerintheNO

Wait wtf
re: Is it always best to put 20% down on a house to avoid PMI?Posted by GREENHEAD22
on 11/18/20 at 8:05 pm to jimbeam

Yea no shit, how did I miss this?
re: Is it always best to put 20% down on a house to avoid PMI?Posted by SDVTiger
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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Gilbert was a freshman at LSU this past season.
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