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CoffeeMilkSteaks t1_j5um6a0 wrote

Prices are high because inventory is low. I don't think there will be a crash but prices will slowly come back down with interest rates being higher. If you are a first time buyer I would talk to a mortgage lender to see if you can qualify for down payment assistance. Even if you don't qualify now they can set you up on the right path for the future.

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mommy2boy OP t1_j5uxkz9 wrote

Thank you for the advice!

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Vall1123 t1_j5wbhhe wrote

My wife and I are first time owners and we had a much lower down payment. But pmi is annoying but it beats renting.

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climb-high t1_j5zj30i wrote

My pmi is like $40/month and the increase in monthly interest from a larger loan (smaller down payment) is only like $30/month. No brainer for me to put less down

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Vall1123 t1_j5zjdaq wrote

My pmi is much more than that, but it’s not problematic at least for now. But annoying.

Though, the pmi won’t last forever which is great.

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climb-high t1_j5zqyhs wrote

How much more? It’s dependent on the size of the loan and other credit factors right?

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Vall1123 t1_j5zrdt1 wrote

Correct. I’m not sure if credit is affected in the amount but just the size of the loan and the % for pmi. I know I get around $125-$150 for pmi per month. Hopefully soon I can get it to go away

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