THE BASIS POINT

AC/DC Dedication To Homebuyers: Down Payment Blues

 

A mortgage borrower with less than 20% down must pay for either FHA government mortgage insurance or private mortgage insurance (PMI). FHA mortgage insurance is increasing Monday October 4 which could mean a shift to PMI, but read this primer before doing anything.

The mortgage insurance hike means higher monthly cost if you don’t have 20% down, so this AC/DC song is for you: Down Payment Blues is a lesser-known song but very much in their classic, never-gets-old style. Download and/or listen below. It’s from their Powerage album from 1978, when 30yr rates were 9.64% versus today’s rate of 4.32%: that’s $2217 more interest cost per month on a $500k loan. For some perspective, Monday’s FHA insurance increase means $112 more cost per month on a $500k loan. So don’t get too blue.

AC/DC – Down Payment Blues .mp3
Found at bee mp3 search engine
 

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