Started By
Message

re: The math for buying a home no longer works, per WSJ

Posted on 12/20/23 at 9:17 am to
Posted by Upperdecker
St. George, LA
Member since Nov 2014
30661 posts
Posted on 12/20/23 at 9:17 am to
quote:

You can buy a house with only 10% down???

You shouldn’t, but you can. Some people only put down 3 or 5% even. Which jacks up their mortgage costs on a monthly basis so high with straight principal plus PMI that it takes them a long time to actually build equity
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35635 posts
Posted on 12/20/23 at 9:18 am to
quote:

You shouldn’t, but you can. Some people only put down 3 or 5% even. Which jacks up their mortgage costs on a monthly basis so high with straight principal plus PMI that it takes them a long time to actually build equity



This is horrible advice lmao.


If you put off buying a house because you are afraid of PMI you are retarded.
Posted by Jcorye1
Tom Brady = GoAT
Member since Dec 2007
71627 posts
Posted on 12/20/23 at 9:19 am to
quote:

You shouldn’t, but you can. Some people only put down 3 or 5% even. Which jacks up their mortgage costs on a monthly basis so high with straight principal plus PMI that it takes them a long time to actually build equity


I followed this advice and didn't buy a house in 2019. Yeah I am bitter.

Obviously there are risks, but as long as you can afford the house and have a good stable job, it's not a big deal. Just go hard against the principle the first 5 years or so and you'll be better off than someone who put 20 down and paid the suggested payments.
This post was edited on 12/20/23 at 9:21 am
Posted by brewhan davey
Audubon Place
Member since Sep 2010
32821 posts
Posted on 12/20/23 at 9:29 am to
quote:

You shouldn’t, but you can. Some people only put down 3 or 5% even. Which jacks up their mortgage costs on a monthly basis so high with straight principal plus PMI that it takes them a long time to actually build equity


There are some professions (physicians) who can put 0% down and still not have to pay PMI.
Posted by Lake08
Member since Jun 2023
600 posts
Posted on 12/20/23 at 9:39 am to
Haven’t bought a house in over 15 years and was fortunate enough to not have a mortgage. I’ve always heard 20% down. Learned something new today
Posted by 904
Forever under I-10
Member since Dec 2009
792 posts
Posted on 12/20/23 at 10:20 am to
quote:

You shouldn’t, but you can. Some people only put down 3 or 5% even. Which jacks up their mortgage costs on a monthly basis so high with straight principal plus PMI that it takes them a long time to actually build equity


Or you could buy a house with 0% (zero) down like we did

The OT isn't gonna like this
first pageprev pagePage 1 of 1Next pagelast page
refresh

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram