So my lease for my apartment is up toward the end of this year, and now that I can work remote, I’m thinking of moving somewhere less expensive and finally buying a home. Can anyone with experience give me advice on the process or resources I can use? Not only am I a total noob, but I don’t talk to my family and my friends aren’t homeowners either, so I’m not sure where to start. Googling presents me with so much info that I’m a bit overwhelmed.
Just FYI, OP: The fee for the PMI is usually based on the difference between 20% and what you put down. I wanted to save some money upfront for some upgrades, so the bank recalculated my fees with 15% vs 20% down. The PMI on a 15% down payment came out to $8/month for the first 12 months and dropped off after that.
That saved me a few thousand upfront which I was able to use to pay for my landscaping and some other projects.
Also, don’t be afraid to ask stupid questions to your mortgage broker :) They’re usually very helpful, and mine actually suggested that tip to me. It was also less than the extra interest I would have incurred if I’d increased the amount of my loan by that much.
Ahhh, that makes sense. I haven’t had to deal with PMI since I bought my first house in 2009, and all I could remember was something about 20% down. Thanks for clarification!