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leostotch t1_j8po6iv wrote

Reply to comment by papercutninja in Apple Pay Later nears launch, company will use past spending with Apple to evaluate creditworthiness. by SUPRVLLAN

20% down isn’t really standard anymore, though.

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papercutninja t1_j8pp27j wrote

Look at that, it used to be 20%. Now it’s anywhere around 3-7%.

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leostotch t1_j8pqhk0 wrote

Yeah. Up for discussion whether that’s a good thing or not, but I was just as surprised.

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SlowMotionPanic t1_j8rb3zt wrote

A sad state of our economic situation unfortunately. People will be paying high cost, no benefit (for them) mortgage insurance in lieu of that full down payment for at least 10 years. Considering the average lower premium these days (given prices) is around $1,500/yr that shit really adds up once one realizes they still need property insurance and taxes paid.

I’ve seen many people in my life get excited for an FHA loan since they can afford the tiny down payment, only to realize they can’t actually afford the true full cost because of PMI + escrow.

But if it helps escape being locked in renting then it almost always makes sense.

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