Quote:
Originally Posted by RANDY P
20% down gives you a greater chance of approval, and the best possible rates for a purchase.
rjp
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I know you're in the "biz", but please help me understand. I was approved for borrowing xxx amount way back when. The % never entered into the equation at all. Though I absolutely despise banks, I did work for a mega-bank way back when so I also received an "insider's" rate at the time...how does it work from your perspective (in a nutshell)? Do you think "saving up to the 20% mark" (while paying rent) trumps the pretty minimal PMI and a slightly better loan rate? I don't...at least it sure didn't for me. Not arguing with a "pro"...I just know that one size doesn't fit all either....YMMV
ps: Not taking advantage of the historically low interest rates and rock bottom housing prices that begain to climb about one year ago would not make sense to me. Slak is still in a great position...he's gonna be just fine...I'm just asking?