Re: Read Estate: Never pay off land?
About your down payment, you want to make it 5-20%. 5% says you're serious about buying and will help you get a better (lower interest) loan. 20% will get you a loan without PMI (insurance). Pyaing PMI is throwing your money away and makes your monthly mortgage payment higher, meaning you can affod less house. But there is not much reason to pay more than 20% down unless your want to build your own home or you have a strong need to be debt-free.
**These are just my opinions. I'm not a realtor, lawyer, accountant...**
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