"$300,000 home a conventional buyer puts down $60,000 minimum"
- False, 5% is the minimum down payment on a conventional loan, sometimes as low as 3%.
"$300,000 home a conventional buyer puts down $60,000 minimum and pays PMI on top."
- False, a $60k down payment would be 20% of $300k, which means no PMI on a conventional loan.
#knowledgemogged
If someone bought a house in 2020/2021, they probably have 130-160% equity in the home.
If they bought the house prior to then, but took advantage of the low rates to refi, congrats — they probably have 180% equity or even higher, depending on when the house was purchased.
Unless they’re looking at prices beyond their affordability ceiling, the following will always be a good option:
- sell your home for 150-200% what you paid
- use a large down payment on your new home
Now your new mortgage payment is reasonable, and you get a new house.
Today, Citigroup, the third-largest U.S. bank, made one of the most significant banking typographical errors in history
They meant to send a customer $280 but accidentally sent $81 trillion ($81,000,000,000,000).
Underrated moment from the Oval Office meeting with President Zelenskyy.
Reporter: What if Russia breaks the ceasefire?
Trump: What if anything? What if a bomb drops on your head right now?