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
- BiggerPockets Forums
- BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy
- BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
- BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
- Scott's Email
- Mindy's Email
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