This Trick will Maximize Your Home Buying Power
Thinking about buying a home? Here’s a neat trick:
Instead of dropping a hefty 20% down to dodge PMI, try this:
Let’s say you’re eyeing a $400,000 home. Put down 5% and pay the $120/month PMI. Use the $60,000 you saved for some smart renovations.
✔️ This boosts your home’s value, which is called “forced appreciation”
✔️ Once you’ve hit 20% equity (after you complete renovations) ask the bank to remove the PMI. That’ll save you $120/month!
✔️ Keep paying that amount toward your principal and you’ll knock 5 years off your loan and save around $80,000 in interest!
If you’re planning to buy a home in 2024, contact us now and we’ll send you an invite to a FREE Zoom consultation where you’ll learn how to navigate the current market challenges and discover how to avoid costly mistakes!
For expert advice and local insights, make sure to consult the top realtor in Commerce Township, MI to maximize your home buying power even further.
