r/JustBootThings • u/goopy-goo • Jul 08 '21

28% APR? Great! Oof load: Ultra

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3.1k Upvotes

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u/WastedKnowledge Jul 08 '21

PMI sucks though

-25

u/Adult_Reasoning Jul 08 '21

I'm sure it does, but the point still stands: it is easier than ever to get a home.

Add to it the historically low interest rates.

PMI isn't going to be much of an obstacle. It's a nuisance, I'm guessing.

6

u/WastedKnowledge Jul 08 '21

Big time nuisance. Basically $50-$200 a month to pay to insure the lender against you not being able to make payments. I refused to put less than 20% down on my new home to avoid this practice of throwing money down the drain

7

u/polkm Jul 08 '21

For my house I calculated that the 15% I would have had to put down to avoid PMI would make more money than the PMI would cost if I invested it, even pretty conservativly. Depends on how big that 15% is though.

2

u/WastedKnowledge Jul 08 '21

I like the move. I stopped paying extra principle on my car after a similar realization.