87: How to Save Money For Your Downpayment with Scott & Mindy | Bigger Pockets Podcast

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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