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

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 Learn more about your ad choices. Visit megaphone.fm/adchoices

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9: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire

9: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire

What would happen if someone had early financial independence in mind right out the gate, upon graduating college? Imagine the amount of money that person could stockpile... Today’s guest had exactly ...

26 Helmi 201856min

8: From Financially Perfect to Rock Bottom (and back again) with Tiffany “The Budgetnista” Aliche

8: From Financially Perfect to Rock Bottom (and back again) with Tiffany “The Budgetnista” Aliche

Tiffany Aliche grew up talking about money. Her dad was an accountant,  her mother actively  engaged the children in grocery  shopping and other areas of finance. She was a teacher at a private school...

19 Helmi 201855min

7: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday

7: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday

Mr. and Mrs. Waffles on Wednesday (WoW) were doing everything wrong. They ran up ridiculous tabs at a local restaurant/bar just ‘hanging out,’ while getting abysmal returns from their financial planne...

12 Helmi 20181h 10min

6: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson

6: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson

Are you tired of hearing success stories from folks who are earning $60,000, $80,000, or even $100,000 or more paying off debt and moving toward financial freedom? Where’s the inspiration for the fol...

5 Helmi 201832min

5: Jump Starting your Early FI Plans by Live-in Flipping with Mindy Jensen

5: Jump Starting your Early FI Plans by Live-in Flipping with Mindy Jensen

Mindy was born in a small town, and then she moved and moved and moved. In fact, moving doesn’t phase her at all, which plays right into the core component of her investment strategy -- The Live-In-Fl...

29 Tammi 201853min

4: From Disorganized to Debt Free Through Budgeting and Routine with Rosemarie Groner

4: From Disorganized to Debt Free Through Budgeting and Routine with Rosemarie Groner

Rosemarie Groner was a State Trooper - a good, recession-proof job. Chronic disorganization led to more than $30,000 in consumer debt when she made the decision to quit her job to stay home with her f...

22 Tammi 201857min

3: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners

3: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners

As a mom of (then) two, Erin Chase found herself shopping for groceries without a plan, picking up things that sounded good, but no idea what she’d do with them once she got them home. They made their...

15 Tammi 201854min

2: An All-Out Approach to Financial Independence at an Early Age with Scott Trench

2: An All-Out Approach to Financial Independence at an Early Age with Scott Trench

Scott Trench wanted something more out of life, so he grabbed it by the horns and pointed it in the direction HE chose. By accumulating a large financial runway through a 50% savings rate on a median ...

8 Tammi 20181h 3min

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