[quote=AN]Yes, I do mean 20% down. I use 20% down because I don’t want to calculate PMI into the equation. That and I think PMI is a total waste of $ if you don’t have to pay it. I personally think you should only buy a place you can afford 20% down on and still be able to have some reserve. If you don’t, then I think either you’re not ready or you’re buying more house than you can afford.[/quote]
Well, that’s why I originally wanted to put 20% down to avoid the PMI. However I am having flashbacks of the ’90’s when I had my house in Carmel Valley and put 20% down. The interest rates came down so I wanted to refinance. But prices came down. So… that 20% down did me NO good. In fact, would’ve been nice to just have the cash during the bad economic times in the ’90’s.
Hence, my hesitation this time around to tie up my cash. I mean, I just don’t think we’re at bottom yet, at least not where I’m looking. There’s potential for another 10-20% to go. There goes my down.
