I was fixated on a 20% down payment for a house in Phoenix until my lender mentioned PMI.

I realized I could buy a home now with 5% down and pay an extra $120 a month in PMI, which is way better than renting for another 3 years while I saved, so what's the biggest mental block you had to get over when starting your home search?

3 comments

3 Comments

oliver_anderson2mo ago

That "fixated on 20%" thing is so real. My biggest block was obsessing over the "forever home" idea. I kept looking at places way out of my budget because I was planning for a future family and all that. Had to accept that a starter home is just that, it starts you building equity. You can always move up later, but you gotta get in the game first. Getting over that perfect vision saved me.

nancy8202mo ago

Wait, you were looking at forever homes first?

lucasking1mo ago

Read that exact advice in a finance blog.