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Is It a Better Idea to Pay PMI with the Minimum Down Payment?
Manage episode 450162701 series 3012587
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When the time comes to purchase a home, one of the big decisions you have to make is how much money to put down on the property. Twenty percent is a key number because it allows you to avoid PMI, but is that the best decision financially?
Today we’re going to answer a question about down payments from someone whose friend told them it would be a better idea to put the minimum down and let equity build up. Bill will talk about how you should weight this decision and why it might make sense to put less money down than the traditional 20%.
Here’s what we discuss in this episode:
0:00 – Intro
1:39 – Do you have to put 20% down to avoid PMI?
4:24 – What down payment discussions look like
7:51 – Paying off PMI
9:56 – Personal responsibility
CONTACT:
Schedule a time to meet with Bill here: https://calendly.com/blitton/
Visit the Smart Mortgage Show website for more podcasts, videos and mortgage info: https://smartmortgageshow.com/
Call: 484-352-4151
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