House buying advice.

Sprint ZeroHero
Apr 13 20 Comments

Me and wife , we are planning to buy our first home in north California. We are looking to get a place in Dublin or Pleasanton , a single family home . How much do we need to put down in order to avoid pmi? Also how much do we need to show in our bank account to get a decent interest rate ? Both our credit scores are close to 830.

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TOP 20 Comments
  • Cisco Nxt4wb
    20% down to avoid PMI. Rate is based off credit score.
    Apr 13 4
    • Sprint ZeroHero
      OP
      With a 830 credit score , still it’s 20% down to avoid pmi ?
      Apr 13
    • Cisco / QA CyberDemon
      yes
      Apr 13
    • Cisco Nxt4wb
      Yes. PMI has nothing to do with your credit score.
      Apr 13
    • Cisco / Eng vjysxbgilb
      PMI is really low now. Just FYI though.
      Apr 13
  • Capital One EXwk33
    Yes in general banks don't care how how much your score is above 760 since credit risk is almost zero at that point
    Apr 13 2
    • Google EVsM02
      2008 would like to have a chat with you
      Apr 13
    • Capital One EXwk33
      The vast majority of the issues were with subprime, 0% down loans, negative amortization loans, and investors. Even with a roughly once in a generation recession and the worst decline in home prices in the history of our country defaults for people with 20% down and good credit scores. Nice try though :)
      Apr 13
  • Oath / Mgmt Atinlay2
    Get a mortgage broker and get pre-approved before you start shopping. Then you can stick to your price range.
    Apr 13 2
    • Sprint ZeroHero
      OP
      Can you suggest any good mortgage brokers ?
      Apr 13
    • Oath / Mgmt Atinlay2
      I’d just find one local to you. One that knows your market is probably best
      Apr 13
  • Facebook public2
    20%, if you have reserves you can get rate discounts for flybys at 250, 500, 1, 2.5, and 5m.
    Apr 13 4
    • Google 3/2=1
      "Rate discount for flybys" - what does this mean?
      Apr 13
    • Facebook public2
      Lenders will give you significant discounts for new or more business. This often means opening a new account and funding it for a few days so if you can deposit or transfer funds they will cut your rate. Often called a flyby because most people close the account after getting the discount.
      Apr 13
    • Google 3/2=1
      Thanks. Didn't know that.. But usually I get much better loan rates and terms via online brokers so I have never refinanced via a traditional bank. Currently at 3.125% for 30 year fixed
      Apr 13
    • Facebook public2
      Always use a broker obviously, I like Costco if you don't have one and then flyby to get it even lower.
      Apr 14
  • Square Br7i899
    TC?
    Apr 13 0
  • Zynga CuriousABC
    You can do 10% down - 80% mortgage and 10% HELOC and avoid PMI. Most credit unions will give you this option.
    Apr 13 0
  • Microsoft mona
    If you have access to getting an account at navy Federal credit Union they have 100% financing but rates are a little higher. No PMI and they don't sell the loan. When you have enough equity and if rates should drop you can refinance for lower rate
    Apr 13 0
  • Intel / Eng bobwho?
    We bought a home in Dublin and did put about 25% down. Plan was to get mortgage close to rent amount we used to pay. Mortgage rate was based on one income. If you going as joint with your spouse, lenders will provide rate based lowest score out of two. Watch out for that.
    Apr 13 0

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