Mortgage strategy question: moving from HCOL to MCOL city, selling current house and buying a new one. Will net enough equity from the sale for up to 20% down payment. How do you think about mortgage rates, points, PMI, etc for the new purchase? I'm in favor of putting less down and investing the difference, but not if the terms are worse.

And I'm talking with both a broker and a credit union - is one better than the other?

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Put as little down as you can that gets you out of PMI (which is effectively a sink cost) as long as you can afford the monthly payment.

I found the best rates thru a broker. They often have access to a lot more products, sometimes even including credit unions. It doesn’t hurt to shop around, but don’t feel obligated to go with a local company for your primary residence

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Use Nerdwallet and Bankrate to find the mortgage lender with the lowest rates and mid tier ratings. Pick one of them and go through the qualification process to see what’s the best ‘actual’ NOT teaser rate you get. Then take that to a more reputable originator that also services your loans and see how close they will match. Don’t buy points - they’re a waste - just put the points you would buy directly into your payment! Put the amount that gets you out of PMI but no more for down payment. Hope this helps!

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