Quote:
Originally Posted by Rick Lee
An 80/20 was not a bad deal at all for a qualified borrower. It's far better than paying PMI. Would you rather lose your own 20% down payment in a declining market or lose the bank's?
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Except that the 20% was at double the rate of the 80%. No thanks. We ended up with an in-house local bank loan and couldn't be happier. The rate might be slightly higher but there's no PMI, if I ever have issues the bank president knows me by name. No dealing with call centers in India or having my loan sold every year.
In regards to "losing" the 20%, that's not how I operate. If that house was worth XXX dollars to me a few years ago, why would it not be worth the same amount to ME today? You're only upside down if you sell, and you're rather foolish to sell right now. It's not much of an issue here anyway, the Wichita market is pretty stable.
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‘07 Mazda RX8
Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc
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