How broke are you?

[KCUnited]

Originally Posted by Bearcat

Yeah, PMI is a ****ing scam and is a thing up to having 20% of the loan paid off... it may still make sense to throw $100-200 down the toilet for a while as opposed to rent, but that's one mental hurdle that's tough for me to get past because the whole concept is so ****ing stupid.

Yeah I edited my post as there would be an obvious variable of how close one is to 20% to make that rent/vs buy with less that 20% decision level

EDIT: and also the timing of the housing market similar to '09, could make more sense to dive in without 20%

[Bearcat]

Originally Posted by KCUnited

Yeah I edited my post as there would be an obvious variable of how close one is to 20% to make that rent/vs buy with less that 20% decision level

EDIT: and also the timing of the housing market similar to '09, could make more sense to dive in without 20%

Yeah, at a high level, I'd say at least you're still building equity, even if you're getting a lower percentage of your payments back when you sell... and if you buy low, then at least there's a decent chance you would more than make up for the money thrown down the toilet.

I'd guess it could be a ~$5-10k thing over a couple to 5 years, maybe... as opposed to renting over that time. Not the worst hurdle to overcome in the long run.

If you already have 20% down available, there's the opportunity cost of what you could invest that money in versus avoiding the cost of PMI... and in that case it might make even more sense to put your money elsewhere and pay PMI (bastards! ).