Anything Else Forum

Anything Else Forum

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Home purchase advice needed

+1 HS
Kevin_Kurgis_Rocks's picture
May 8, 2016 at 3:52pm
56 Comments

I am hoping someone can give me some advice.  I understand that Internet advice shouldn't be the be all/end all but figure it's a good start.  (And none of you are trying to make money off me).  

I am a homeowner   I've owned for about 7 years and put no money down   I paid $61,000 and owe $54,000   My house is decent but old and in a slightly below avg neighborhood.   It's not the slums but not the hills either.  

My wife and I know we want to move in the next few years.  Some relatives say we should make the move now as rates are at the lowest they will be moving forward.  The problem with that is we may struggle to sell our house.  I can probably break even or make a few grand max.   If we sell,  we would probably wanna be in the $100,000 - $125,000 market with $10,000 at most down.   This means PMI.    My uncle says the PMI cost will be a wash because I'm getting the loan at a low interest rate.   Anyone care to educate me on this?

 

 

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