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Old 01-02-2013, 05:13 PM
12 posts, read 27,125 times
Reputation: 16


Thank you all again,

By bigger mortgage, you mean taking out a 30 year mortgage, correct?
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Old 01-02-2013, 08:13 PM
6 posts, read 5,847 times
Reputation: 17
Default 20% down or Pay PMI

I'm sorry but it sure doesn't make sense to me to put less than 20% down if you have the cash because you will be required to pay private mortgage insurance. Why would you pay PMI every month instead of putting that money toward your principle?
I have to respectfully disagree with the other commenters and say PUT the $60,000 down. Otherwise you are just throwing money away to an insurance company that you don't really need.
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Old 01-03-2013, 08:19 PM
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I'd really think about any anticipated future expenses that you might have-- cars, various repairs, kids, etc. People always start out by running the numbers at the beginning but sometimes change their borrowing to debt ratios shortly thereafter when they need to make other expenditures.

Another to thing to consider is what type of house you really need. My family lives in a house that is nice for us but well below what we would qualify for, but we have no need for a larger and more expensive house. So consider the chance that you might find a suitable house that costs much less than what you are qualified for. I find it amazing how many people do the opposite-- before looking at houses the automatically want to buy near the top of their range.
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