Loading…
27
I thought a 20% down payment was non-negotiable until a lender in Dallas ran the actual numbers for me
For 3 years I saved every extra dollar because my dad always said 20% down or you are throwing money away. Last week a lender in Dallas pulled up two side by side estimates and showed me that at 10% down on a $340k house, my monthly payment only goes up about $95 because of PMI, and PMI drops off once I hit 20% equity anyway. She also pointed out that waiting 2 more years to save the rest meant paying rent the whole time while prices in my area climbed about 6% a year. So I am now shopping at 10% down and keeping some cash for fixes instead. Did anyone here put down less than 20% and regret it, or did it work out fine?
1 comments
Log in to join the discussion
Log In1 Comment
kim.wren4d ago
Did the lender show you what happens to your payment if you put down 10% but the house needs a new roof in year one? That is the part that scares me more than the PMI.
4