if you put less than 20% down you have to pay mortgage insurance
Buying my 1st House
- Thread starter Hiesenberg
- Start date
if you put less than 20% down you have to pay mortgage insurance
beenz
Rap Guerilla
40k. Paid MI for like a year then appreciation took care of the rest. Got it re-appraised and was over the 80% threshold.
thats fukked up. you put down 40K and u still weren't at the 20% level since ur crib was over 200K.
the best would be to put down less and have it appraise and end up being worth more so that way the increased value gets you out of the mortgage insurance.
All good info, might have to book mark this thread.
Finally at a point where I can start saving aggressively for a house. Want it to be a rental property when Im done living in it tho.
Luckily, I Use to refinance houses so I am familiar with some of this vernacular and the process in general
Finally at a point where I can start saving aggressively for a house. Want it to be a rental property when Im done living in it tho.
Luckily, I Use to refinance houses so I am familiar with some of this vernacular and the process in general
beenz
Rap Guerilla
my wife's friend and her husband live in their income property. It's a multi family building with a unit on the top floor and a unit in the basement. they live on the first floor and have tenants in the other units. sounds like a sweet deal when you have someone else paying your mortgage, but they have already had problems with tenants and making a bunch of noise and what not.
dealing with that might be cool when you're younger, but shyt, they got a newborn baby, so I know they ain't tryin to be bothered with that foolishness.
@Hiesenberg Update?
BaldingSoHard
Banned
Yea, it is what it is. I didn't wanna put down the full 20% cause I knew it would appreciate quickly, but still wanted some equity in it so 40k worked for me.VFib
All Star
In general, do you get a home appraised before or after signing on the dotted line?I bought my new home in August for 219,000
That shyt got appraised during final signing for 250,000
OfTheCross
Veteran
Always before. Especially if you're buying it with a bank loan
Before but I got paperwork for it later than suppose too and if the appraisal was not same as house worth at min I could opt out of my deal cuz of va loan I had so I wasn't tripping it had caught the builders and my agent off guard that the house already gained equity from day 1 but that amount was big and I was told it's gonna keep going up quite a bit cuz where I'm at and what kind of house I have and the neighborhood I'm at
I'm pretty much in the same situation. I put down 10%(38K) on my house and still have to pay $176.60 a month in Mortgage Insurance just so the bank feels safe about the loan they gave me.
I think I'm about to refinance and see about getting out of my mortgage insurance.
beenz
Rap Guerilla
hopefully when you do the new appraisal, that'll add enough equity so you don't have to pay that PMI.
Hiesenberg
Pro
Lived in the home for one year. Sold it for a 15K profit plus the 10 I put down on it netted me 25K (really I ended up with 32k in that account just don't remember exact numbers). Now most of it is tied up in a failing stock market.
I'm 25 now though and have 26k in 401k and a little money in case something happens.
Hiesenberg
Pro
My dad rents 4 properties and I've seen the headaches first hand.