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My uncle in Cincinnati swore I should put down 20% to skip PMI, and I'm out $340 a month because of it
My uncle bought his house in 1998 and kept telling me 20% down was the only smart move. So I waited and saved for another 14 months while prices in my area climbed about 9%. When I finally bought, my rate was higher and I put down 20% on a smaller house than I could've had a year earlier. Now my buddy who bought with 8% down pays $340 more a month than me but he's got $60k more equity than I do because his place went up so fast. Did anyone else listen to family advice that was probably right in 1998 but not now?
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