Feb 8, 2016
2:05:33pm
2:05:33pm
We put 5% down on our first home, lived in it for 2 years and sold it to move
closer to a new job. We bought at a good time and were able to use the money from the sold house to put 10% down on the second home which was $70k more than the first home. We paid a slightly higher interest rate to get rid of mortgage insurance. We closed at 3.825% We are planning on living in the home for 5 or 6 years and it would have taken a lot longer than that to get to 20% and be rid of the mortgage insurance. Saving about $170/month by not having the mortgage insurance.
- New username
- Groin Squirrel
- Bio page
- PharmD
- Joined
- Oct 19, 2014
- Last login
- Aug 3, 2018
- Total posts
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2/8/16 1:37pm
2/8/16 1:42pm
2/8/16 1:38pm
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2/8/16 2:13pm
2/8/16 1:43pm
2/8/16 2:06pm
2/8/16 2:05pm
put down the minimum. if you aren't going to get to 20% there is no advantage to putting down more than
2/8/16 1:46pm
2/8/16 2:54pm
2/8/16 1:51pm