Debt vs Mortgage Down Payment - article two
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the editor and publisher of DebtSmartŪ.
Dear Scott,
Thanks for the info! I just want to clarify something. We are going to borrow from my husband's 401k and we do have some savings, but should I try to save to get to a 20% downpayment and have no remaining money, or should I just pay off stuff to lower my monthly bills and put down less than 20%?
--Anna
Answer 2
Anna,
I would save for the 20% down payment. It sounds like your close and there is the benefit of not having to pay for mortgage insurance when you put 20% down.
Regards,
Scott
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