If your parents are helping you with the Down Payment on a house.
NEVER have the money wired to you.
Tell them to hold on to the money.
Instead, they should wire the "Gift Funds" directly to Title/Escrow/Attorney at closing.
This will make the mortgage process easier on you.
@citywideagent If we never would have purchased back in 2013 we’d still be saving for a down payment for that starter home and paying more than our current home.
Our equity allowed us to easily cover the 20% down payments on house 2 & 3
@citywideagent We’re on our 3rd house now which is just right. We’re at 2.75% and bought it 2021
A ton of my clients who bought homes were initially confused by the down payment. Luckily I had them understand how PMI works and how the relatively small cost protects from home costs increasing
Glad you made a move when you did! Many people make decisions too slowly (rightfully so – it's not an inexpensive purchase), however indecision can get expensive. In 2012, it looks like the entire year averaged out at 3.65% for a 30-year mortgage. Good “move”. 🏡
@citywideagent Glad we’re in possibly our forever home. If I would have been handcuffed to our starter home from 2013 we’d be bursting at the seems with a family of 6 😂
More than 90% of existing homeowners are locked into a mortgage rate below 6%. There's no financial incentive for many people to sell. That's the golden handcuff of low interest rates.