Feb
6
What type of Morgage should I get and should I put any money down?
Filed Under Renting & Real Estate
landkruzer asked:
I am about to go to contract on building a new home. I am not really sure what type of loan is best for me. I have the 20% to put down on the property but not sure if thats the right thing to do. Part of me says put the 20% down to get around PMI and reduce the payment so I could cash flow and the other side of me says to keep that 80,000.00 in the bank. I would plan on staying in the home maybe 3-5 or 6 years. If I 100% finance is that better or just what should I do?
LEO
I am about to go to contract on building a new home. I am not really sure what type of loan is best for me. I have the 20% to put down on the property but not sure if thats the right thing to do. Part of me says put the 20% down to get around PMI and reduce the payment so I could cash flow and the other side of me says to keep that 80,000.00 in the bank. I would plan on staying in the home maybe 3-5 or 6 years. If I 100% finance is that better or just what should I do?
LEO