Quote:
Originally Posted by slakjaw
this is why I saved my ass off for the past 8 years. I wanted to get a normal loan and not have to pay mortgage insurance
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What's done is done, and water under the bridge at this point so I hesitate to even post this, but....
If you had "run the numbers" earlier, I'd bet you'd have discovered that what you dropped in rent while saving up the remaining 6-20% would be significantly higher than what PMI would have cost you. For my first house, I paid 5% down (decent income, loan amount pre-approved) and paid the seller's full asking price (I wanted it, and was competing with others). Also took a fixed 30 year loan though I started out from the git-go paying extra principle (getting rid of PMI asap). Aggressively paid that whole loan off in 11 years, and never looked back....