Tell Taylor What To Buy 2k17

[WRXtranceformed]

My recall on this is a little fuzzy, but, if you are stretching the budget to get into a house, which I assume includes most first time buyers in NoVA, avoiding the $100/mo PMI payment can get you into $20-30k more house. Over 30 years, that $100/mo really goes a long way. 2.8% with no PMI made things really easy for me. CHEAP MONEY++

Yeah but you don't pay $100 / mo for all 30 years of your loan with PMI, you only pay it until you have 20% equity in the home. Hence Chris's comment about why people refinance if their home values have gone up (and rates have gotten better obviously). It's a bigger deal if you're putting down only 3% or less like you used to be able to. Don't get me wrong, I'm not a fan of paying bank fluff payments but they're going to get their money from you somehow no matter what (ie in higher closing costs, a slightly higher interest rate you're not going to notice, etc.).

It's kind of a moot point anyway because the average period of time people stay in one house is about 7 years

2.8% is crazy cheap, then I read back and remembered you had an ARM. I mean yeah that's such cheap money! I remember my first mortgage before a refi was an ARM at like 4.5 or 5% and at the time that was *really good*...I refi'd to 4.25 30yr fixed or something which was also really good. We're now at 3.125% on a 30yr fixed without paying any points on our new place 8)