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SVTPerformance's Chain of Restaurants
Road Side Pub
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<blockquote data-quote="DKS2814V" data-source="post: 15418141" data-attributes="member: 27079"><p>With regard to PMI, I am being educated/directed differently. ....and in all fairness, my situation might be different. However, take this for example.</p><p></p><p>A $400k loan with 10% down (roughly $55k up front payment) incurs a PMI, per month, cost of $60. If I put down 20% (roughly $95k total up front payment on a 400k home), it would take 650 months to "recoup" that additional $40k in down payment with PMI costs. It isn't as simple as "just avoid PMI" as I've been told...and I'm even being recommended by my broker to go with 10-15% down, accept PMI, and move on. Doing an 80-15-5 also is frequently more expensive than accepting PMI due to higher interest rates for those 15 and 5 loans.</p><p></p><p>In my case, the PMI is something I'm going to probably accept as I plan on living in my new home for 5-6yrs then turning it into a rent house and utilizing the equity, other 5-10% that I don't put down on my first house, and future savings to purchase another home to live in longer term.</p></blockquote><p></p>
[QUOTE="DKS2814V, post: 15418141, member: 27079"] With regard to PMI, I am being educated/directed differently. ....and in all fairness, my situation might be different. However, take this for example. A $400k loan with 10% down (roughly $55k up front payment) incurs a PMI, per month, cost of $60. If I put down 20% (roughly $95k total up front payment on a 400k home), it would take 650 months to "recoup" that additional $40k in down payment with PMI costs. It isn't as simple as "just avoid PMI" as I've been told...and I'm even being recommended by my broker to go with 10-15% down, accept PMI, and move on. Doing an 80-15-5 also is frequently more expensive than accepting PMI due to higher interest rates for those 15 and 5 loans. In my case, the PMI is something I'm going to probably accept as I plan on living in my new home for 5-6yrs then turning it into a rent house and utilizing the equity, other 5-10% that I don't put down on my first house, and future savings to purchase another home to live in longer term. [/QUOTE]
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