This is a YouTube video titled "🚨 Wait and Save up More, or Buy Now? 🚨" containing a monologue or single-speaker discussion from April 1, 2022, about a client's mortgage considerations, comparing the cost of mortgage insurance versus potential interest rate increases and advising on the urgency of buying now.
Had a client today looking to save up more funds, get 20% down and avoid paying mortgage insurance and PMI. Great idea, but let's look at the numbers. It was a $400,000 purchase price. What he's looking for $80 a month is the mortgage insurance we have for him. But if interest rates go up as they are trending another half percent, that would add $150 a month on his payment. So he's looking to save up more money to save 80 bucks while costing himself potentially $150. There is a big urgency in the market today. Buying now all the way around is the better deal.
