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Old 04-01-2005   #6
JET
Is funding Exxon.
 
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Join Date: Oct 2003
Location: Ham Lake
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Re: The time has come...

Mortgage insurance is usually ~$100/mo, but you can do like I did and do a 0% down. That will give you a first and second mortgage, but no PMI. I am paying extra on my second mortgage, so once that is done I will be set. You can always just refinance after 2-3 years and you will be able to put it on one mortgage also because you will have 20% equity.

You are MUCH better off buying the house early and paying a tad extra than waiting and saving up 20%. It isn't even close. By the time you save up 20%, the house will probably have went up 20% in value, and that is money you lost out on.
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