A Move-up Homebuyer Turns Moxie Into Money – Jocelyn Vasquez is a determined Spanish woman who knows exactly what she wants: financial prosperity through home ownership.

Three years ago, the Los Angeles mortgage professional was on the verge of realizing his dream of buying a home before he turned 30. She was single, 28 years old, and didn’t let a little thing like not having a 20 percent down payment stand in her way.

A Move-up Homebuyer Turns Moxie Into Money

His parents, like many people, felt he should hold off until he could save for a bigger down payment. But Jocelyn had other ideas.

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“I did my homework and knew I could use mortgage insurance (MI) to pay a low 3% down payment,” she explains. “I bought my townhouse for $278,000 and put $13,900 down. It would have taken me almost eight years to save up $55,600 for a 20 percent down payment! The 5 percent down payment used most of my savings.” Fast forward a few years and his decision paid off. Due to low interest rates and increased demand for housing, Beita achieved a significant appreciation. In March 2020, he sold his townhouse and made $86,926.

“Imagine if I waited eight years to save the 20 percent down payment!” Jocelyn is amazed. “I couldn’t have gotten my foot in the home ownership door when I did.”

Selling her townhouse allowed Jocelyn to move to a much larger home in a gated community in Simi Valley, California. Typically, when buyers like Jocelyn move up, they have enough equity or profit from the sale of their previous home to put 20 percent down.

Drawing on her experience as a credit lab and mortgage underwriter, Jocelyn decided to buck this trend and once again use AI as a financial tool.

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She bought her second home this spring for $537,500, and while she has enough money for a 20 percent down payment, Jocelyn put down 11 percent, or $60,000.

“On my last house, I skimped by using almost all of my savings for the down payment,” explains Jocelyn. “I didn’t want to do that this time. I knew my new house needed repairs and updates. Plus, I bought it during the uncertainty of the pandemic and wanted to have cash ready in case I lost my job.”

Her decision gave her the financial freedom to renovate her kitchen, buy furniture, pay off two credit cards and still have savings for a rainy day.

In addition to having a bigger house in a better location, Jocelyn feels she has made another great investment. He reports that four neighboring houses like his recently sold for between $550,000 and $560,000, possibly increasing his equity by $17,500 in less than six months. Moreover, you will soon be eligible to cancel your MI.

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“I try to educate people about all the tools and resources available to homebuyers,” says Jocelyn. “I tell them, ‘I’m living proof.'” If I had waited those eight years to save the 20 percent down payment, I would have lost the money and the benefits of homeownership! Jocelyn is a determined Hispanic woman who knows exactly what she wants: achieve financial prosperity through home ownership Here’s the story of how you moved from your first home to your second while making smart decisions about down payments and equity building.

Three years ago, the Los Angeles mortgage professional was on the verge of making his dream of buying a home come true – before he turned 30. He was single, 28 years old, and didn’t want to leave something as small as missing a 20% down payment.

His parents, like many people, felt he should hold off until he could save for a bigger down payment. But Jocelyn had other ideas.

“I did my homework and knew I could use mortgage insurance (MI) to pay a low 3% down payment,” she explains. “I bought my townhouse for $278,000 and put $13,900 down. It would have taken me almost 8 years to save up $55,600 for a 20% down payment! The 5% down payment used most of my savings.”

After Buying Your Home

Fast forward a few years and his decision paid off. Due to low interest rates and increased demand for housing, Beita achieved a significant appreciation. In March 2020, he sold his townhouse and made $86,926.

“Imagine if I waited 8 years to save the 20% down payment!” Jocelyn is amazed. “When I did, I wouldn’t have been able to get my foot in the home ownership door.”

Selling her townhouse allowed Jocelyn to move to a much larger home in a gated community in Simi Valley, California. Typically, when buyers like Jocelyn move up, they have enough equity or profit from the sale of their previous home to put 20% down.

Drawing on her experience as a credit lab and mortgage insurance worker, Jocelyn decided to buck that trend and once again use mortgage insurance as a financial vehicle.

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She bought her second home this spring for $537,500, and while she has enough money for a 20% down payment, Jocelyn put down 11%, or $60,000.

“On my last home, I redeemed myself by using almost all of my savings to pay the down payment,” explains Jocelyn. “I didn’t want to do that this time. I knew my new house needed repairs and updates. Plus, I bought it during the uncertainty of the pandemic and wanted to have cash ready in case I lost my job.”

Her decision has given her the financial freedom to renovate her kitchen, buy furniture, pay off her 2 credit cards and still have savings left over for a rainy day.

In addition to having a bigger house in a better location, Jocelyn feels she has made another great investment. He reports that 4 similar neighboring homes recently sold between $550,000 and $560,000, apparently increasing his equity by $17,500 in less than 6 months. Moreover, you will soon be eligible to cancel your MI.

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“I try to educate people about all the tools and resources available to homebuyers,” says Jocelyn. “I tell them, ‘I’m living proof.'” If I had waited those 8 years to save the 20% down payment, I would have lost that money and the benefits of home ownership!

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I have been thinking about buying a house for a while now. I lost my wife last year and we have a 6-year-old son. After looking at other possible investment options, I realized that real estate would be the best. Something that I can give my son from both of us. I am very excited about this new opportunity and future for us.

The time required to save the down payment and a certain percentage is interesting. It is also important to invest wisely in buying your second home. Real estate is a big investment, but it’s worth the risk.

Where I Live: Dignowity Hill

Writer Julie Tremonte, who joined MGIC in 2018. Before flying to the co-op, he wrote for a mattress company, a mattress manufacturer and an advertising agency. Obsessed with reading, traveling, tennis and rearranging furniture. Mother of 2 beautiful and mature daughters. An empty nest that has recently shrunk. Her guilty pleasures are donuts and the Kardashians (don’t tell anyone).

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