🤔 Will you get a 5% down mortgage?#realestate #mortgage #shorts

A lot of people wait to buy a home until they’ve saved up 20% for the down payment.

🏡 However, low down payment programs exist to help you get into a property as soon as possible!

💰 One of the major objections to buying a home with a low down payment is that you have to pay PMI (private mortgage insurance), which could end up being a few hundred dollars a month.

📈 But if you do the math, you’ll end up saving money by going with a low down payment option because the longer you wait and save, the more money you’ll be throwing towards rent!

On top of that, the real estate market might continue to increase, making it even harder to lock in a property at a price you can afford.

What are your thoughts of getting a 5% down mortgage?

PS: Not financial advice and any investment commentary are my opinions only.

#realestate #mortgage #mortgagetips #lowdownpayment #PMI #mortgagehacks #rent #buyingahome

[Unowatsukit]

I’ll never understand why people prefer to keep renting rather than pay PMI. I bought my house 6 years ago, it’s now worth double what I bought it for. I had to pay PMI until I refinanced a few years later and got into a conventional loan and now have so much equity in my home and the value just keeps going up. I’m also paying less for my mortgage than what an apartment would cost.

[ZJtraylor]

I’ve bought 2 properties with less than 20% down payment and am charged pmi. Still cheaper than paying rent in my state and I’m paying myself.

[dirtyharry]

$1700 towards mortgage.
Now Property Tax, House Insurance, Heating/Cooling, Water, Garbage, New Lawn Mower, grass seed, fertilizer,
New snow blower, Not to mention repairs, ( Drywall, plumbing, electrical)
1st month if you buy at one time
$2957

[AnirbanDuttaasn]

Property values will keep on increasing 🤣🤣. Michael Burry will see you in his room now sir

[LIT_LORD_FRESCO]

So is now a good time in the market or when do you forsee it being a good time

[Mister_Cheese]

Sean: I wanna buy a house

Me: (Still living in my parents basment)

[grapefruitpineapple]

How would this advice apply for someone who owns a home but wants to upsize? Is it better to wait and save the 20% or but now to avoid home prices increasing ( keeping in mind that your current home's value will likely increase as well)?

[nahimastay]

Could a first time home buyer for 3+plex investment property apply for multipliable loans On the same property ?

[chocolatetacos]

I’m sorry to ask but do you have a video that explain this

[ScribblebytesWorldwide]

I don't understand all this. Why can't you just tell us what do instead?

[JoolieOoliee]

Do you ever have someone go through a trustee and use a 1099A to pay from a trust?

[stjfv]

Good sir this is not good advice; it works yes but generally not a good rule of thumb. There’s a reason why the billionaires don’t own home and rent.