BiggerPockets Money26 Elo 2019

87: How to Save Money For Your Downpayment with Scott & Mindy

In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?”

In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing.

They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500.

If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path.

In This Episode We Cover:

Things to do before buying a house
Getting your taxes in order
Disadvantages of self-employment
Mindy's story of buying her current house
Avoid making big purchases until after you close on your loan completely
Understanding closing cost
All about down payments
Do you get your earnest money back if you don't buy the house
On finding a good agent
What Private Mortgage Insurance is
On finding a good inspector
How to save up for the downpayment
And SO much more!

Links from the Show

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