11 Aug How to Get the Best Mortgage Rate (other advice welcome!)
I'm starting a long procrastinated decision to buy my first home. I'm meeting with a buyer's agent this week. I have enough for over a 10% down payment within my preferred price range + a nice cushion for potential closing costs. Solid credit score and employment history. A few questions:
- If I put 10% down now, do I stop paying PMI after I hit 80% equity (basically my plan right now is either pay it for a few months until my end of year bonus comes in or ask family to borrow the other 10% from family and pay them back asap)
- What types of mortgages are best vs which are the best to stay away from?
- Is there an advantage to using a mortgage broker? What about big bank vs local credit union?
- What questions should I ask my buyer's agent? What questions will she ask me?
My goal is to have the best long-run deal. Obviously avoiding PMI is a good way to do that. I assume that 15-year fixed would be better than 30-year fixed.