Hi PF, I have a dilemma here and want to know what you guys think is the smartest decision. Right now the fiancé and I are 25 and 26 renting in an expensive 2k/mo apartment in Miami. Everything in the area is pretty expensive. We both make roughly about 120k combined a year and have been thinking about purchasing a house. Our downpayment fund is relatively small as we have a total of 60k cash in our account so we don't want to use it all on a downpayment
So our dilemma; we found a house for 345k and want to make an offer of 325k. We would have to put 35k down which amounts to 7% and covering closing costs. Our mortgage payment would be about 2400$ and that covers PMI, taxes, and insurance.
Would it be a wise to decision to either a) purchase the house right now instead of having to rent another year and start building equity or b) rent a cheaper apartment and save for one more year; enough cash to put 20% down, avoid paying PMI, and possibly have close to a 2k mortgage payment?
Submitted July 22, 2017 at 08:42AM by jkfsu http://ift.tt/2uLxlWi
