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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
71637 posts
 Online 

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

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.
woah. Let's not just skip over this


rintintin
Tulane Fan
Life is Life
Member since Nov 2008
15147 posts

re: Is it always best to put 20% down on a house to avoid PMI?
This may be the most interesting MB thread to date


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50
pioneerbasketball
Arkansas Fan
Team Bunchie
Member since Oct 2005
100937 posts

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

Becoming a homeowner at 22 is no small feat.

Ty Helps that I have stayed single


pioneerbasketball
Arkansas Fan
Team Bunchie
Member since Oct 2005
100937 posts

re: Is it always best to put 20% down on a house to avoid PMI?
Plan is to stay in the house for 5-8ish years.

Obviously, there are many variables in play.


rintintin
Tulane Fan
Life is Life
Member since Nov 2008
15147 posts

re: Is it always best to put 20% down on a house to avoid PMI?
Can you address the pertinent questions here please?


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180
GeorgeTheGreek
Michigan State Fan
Sparta, Greece
Member since Mar 2008
59747 posts

re: Is it always best to put 20% down on a house to avoid PMI?
You started posting on TD at age 7? Damn.


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20
RATeamWannabe
Kansas Fan
Baton Rouge
Member since Sep 2009
24425 posts

re: Is it always best to put 20% down on a house to avoid PMI?


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Supravol22
Tennessee Fan
Member since Jan 2011
13958 posts

re: Is it always best to put 20% down on a house to avoid PMI?
If you can financially afford to put 20% down to avoid it, do it. Otherwise, you're literally paying for the bank's insurance on your loan...

If it's going to really strain you to put 20% down, then it may not be worth it.


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01
thegreatboudini
USA Fan
Member since Oct 2008
4527 posts

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

I'm 22 years old


quote:

Registered on: 10/24/2005




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100
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
34780 posts
 Online 

re: Is it always best to put 20% down on a house to avoid PMI?
He was hiding from somebody

I couldn't find the other thread, but either a pregnant wife, aliens, conspiracy theorist... he got spooked.


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10
TD SponsorTD Fan
USA
Member since 2001
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barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
48166 posts

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

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%


It doesn't matter, he still made 80k.

It's pretty easy with PMI, do the math of what a reasonable return on that capital will get you in another investment vs. the cost of the pmi.


BHS78
LSU Fan
Member since May 2017
581 posts

re: Is it always best to put 20% down on a house to avoid PMI?
It is amazing that almost everyone on TD has figured out how to outsmart the market. No one here has ever lost $.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
66639 posts

re: Is it always best to put 20% down on a house to avoid PMI?
We literally have a thread titled

quote:

What's your biggest miss / mistake in 2020?


on the first page of this board.


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FinleyStreet
Georgia Fan
Member since Aug 2011
6591 posts

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

paid a teenager to take over his account.


Why pay someone take your account when you can disappear for free?



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10
meansonny
Georgia Fan
ATL
Member since Sep 2012
13099 posts

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

Plan is to stay in the house for 5-8ish years.

Obviously, there are many variables in play.



If you are like most americans, you wont have the mortgage much over 5 years.
Putting 10% down gets you a "good enough" mortgage and you can invest the rest.
Or... look at a fixer upper/foreclosure and put as little down as possible and use the rest to appreciate the home and make a killing when you resell.


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Ancient Astronaut
Ole Miss Fan
Louisiana
Member since May 2015
19912 posts

re: Is it always best to put 20% down on a house to avoid PMI?
No point in putting 20 down. If you want to avoid the insurance pay it off as you go along


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MrSavage
LSU Fan
Member since Jan 2008
668 posts

re: Is it always best to put 20% down on a house to avoid PMI?
Get to 85-90% loan to value and ask them to quote you for borrower-paid PMI. Can likely get rid of the PMI for less than the extra down payment, while keeping a little more cash. Best of both words.


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10
thelawnwranglers
LSU Fan
Member since Sep 2007
29711 posts
 Online 

re: Is it always best to put 20% down on a house to avoid PMI?
Wait for Biden isn't he going to give credit for first time house buyers


jimbeam
USA Fan
University of LSU
Member since Oct 2011
66639 posts

re: Is it always best to put 20% down on a house to avoid PMI?
15k wasn’t it? I done fricked up baw
This post was edited on 11/19 at 1:30 pm


Texas Tea 123
Member since Sep 2017
41 posts

re: Is it always best to put 20% down on a house to avoid PMI?
quote:

Ok and if I rented during that same time period, I would've spent 80k with no return.


You do realize all the money you spent on interest, maintenance, transactions, etc could have been put into a different investment vehicle while you rented and made a return, right?


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