I've saved 15% down payment, should i wait til i have 20%? Is pmi avoidable with 10?

You can purchase with 15% down.. you will have to pay a small PMI payment (about $32 for every $100K financed).. which when you compare interest rates, is equivalent to 0.5% in finance rate, but with PMI, once you hit 20% equity, and 2 years has passed, you can have your home re appraised and get the PMI dropped without having to refinance.. I wouldn't wait any longer.. go get you one!!! .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You can purchase a home with 15% down. Of course you will have a small monthly PMI. At 20% down no monthly PMI. The higher the LTV the more the monthly PMI.

Yes, you should buy now. Housing prices are rebounding across the country that with the rising interest rates would eat away any savings you would gain by waiting. In a couple of years you can refinance. With the increase in value you should have enough equity to drop the PMI. You could also save the additional money over the next couple of years pay down the loan balance to drop the PMI if rates were not favorable to refinance at that time.

you can avoid monthly MI with less than 20% down,VA - has no MIUSDA - has no MIFHA you cant avoid itm unless you go woth a 15 yr mortgageConventioanl - you have options to avoid onthly MI> put 20% Down> 5% - 15% get a single premium - paid at closing (by the borrower or lender) and you wont have a monthly MI

Emily the answer is yes you should!

You should buy now before interest rates and home prices move any higher. With a 15 percent down payment you will be required to have PMI until you have built at least 20 percent equity in the home.

Anytime you are over 20%, you have to deal with PMI somehow. PMI is on a sliding scale, so with 15% down, the cost is very reasonable. There are other options too, like single premium PMI, where you pay a little more in closing costs upfront to buy out of monthly mortgage insurance. Talk to a local mortgage broker for more information, and how all that applies to your individual circumstances.

Buy now, lock in your rate now. You will save in the long run. Use the extra 5% in the future to pay down your loan faster, and to remove the PMI.