"Google it you say" and I have. I'm here for some more insight or resources as I've spent a few long nights looking into this.
I have a 186k at 3.875% for 30 years
My payment is about $1200.
It was an FHA loan so I have PMI
House was appraised at 202k. Down payment was 3.5% of the purchase price of 185k. Realtor fee I paid was 2.5% and was added to the loan. Seller put in 1,500 into closing costs instead of doing repairs.
I was ALWAYS a pay your principal down guy until I showed up to closing and my lawyer briefly mentioned investing outweighing the benefit to paying off the principal. I figured pay pay pay to reach 20% equity and refinance to remove PMI which is roughly $200 a month.
Now I think I'm confused from information overload.
I initially thought I could pay $300 more a month but now I'm wondering if investing (which I'm new to as well) is better since the loan rate is so low.
Does anyone have insight or any books/websites I can continue my research into? Many or general overall types of articles, reddit provides a way to discuss my personal loan and options.
Submitted August 20, 2017 at 01:35PM by ArmoredFan http://ift.tt/2fWcLgO
