Jim McKinney

Jim McKinney

Mortgage

404-452-5238

Member

Endorsement Letters I've Received

Vinings Mortgage dba Bank of England

Vinings Mortgage dba Bank of England

404-452-5238

2839 Paces ferry RD SE
810
Atlanta, GA 30339

Company

Team

PowerLinks Certificate 04/01/2009
Platinum Card WorkRoom 05/15/2017
InfoMinute Seminar 03/20/2009
Orientation Essentials 03/04/2009

Development

Marietta Square Team

Introduced by:

Joined on 02/05/2009

Leadership

ParticipationCoOrdinator
VisitorCoOrdinator
MembershipCoOrdinator
MentorCoOrdinator 08/04/2022

Membership

10-year Pin 02/07/2019
5-year Pin 02/06/2014
3-year Pin 03/15/2012

Team

Question received: is there ever a good reason to put more than 5% down on a new purchase mortgage?

yes, by putting a down payment of 20% or more than you can eliminate Monthly PMI that would be added to your payment which increases your monthly payment, and sometimes PMI can be difficult to remove once its added to the mortgage payment.  Also, by putting down 20% or more the seller will look more favorable at yoru offer to purchase than another  offer with a lesser down payment making it easier to have your offer accepted.

No, as long as you have excellent credit then your monthly PMI will be very low each month, and you will be better off financially by saving your down payment money and investing it.

The answer to this question totally depends on every borrower's situation. 

 

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