07-13-2009 08:45 AM
07-19-2009 12:28 PM
I'm pretty to new to this, but...
If you have enough for 20% down, what about putting 15% down and using some of that extra money to buy down your interest rate?
Even with pmi, could that save you money in the long run?
07-19-2009 02:58 PM
bigger downpayment will get you obviously a lower monthly payment, which can or cannot be significant depending on the loan amount. You also avoid pmi, but frankly, if you have top credit score, you can get away with 10% down and negotiate the pmi in exchange for higher interest rate. Look up a finance calculator and run the scenarios you mentioned [5% vs 19%\ or whatever you like. That will paint an accurate story for you.