I got an email today from a local mortgage company and I love what they wrote and whole heartedly believe it because I have personally done it. ?
Many buyers have said that they have been told it's better to wait to buy a home until they have saved 20% to put down so that they don't have to pay the PMI (private mortgage insurance).
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Buying my first home I also felt this way but on my second home, which costs considerably more, I learned that in order to get into the home at the time I wanted, during a time when rates were to good to wait any longer, I decided to put down 10% and take the PMI payment knowing that the prices in the area I bought were moving up quickly. Within 2 years I asked my bank to appraise the property again so that I could remove the PMI and that's exactly what happened. ? ?BYE-BYE PMI ?
So the moral of this story is from my own personal experience you're better off to move forward now and adding the PMI instead of waiting. You might just miss out on the home of your dreams.
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Call me today for appointments to view property this weekend.
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