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Started by Jsmith, September 14, 2018, 09:29:24 AM
Quote from: Sam on September 14, 2018, 12:21:32 PMI'd definitely put at least 20% down so you don't have to pay for the mortgage insurance extra fee.It's worth investing 90% of your down payment and very conservative investments, and shooting for the fence for the remaining 10% if you're buying within 2 years.Do you know that you are buying a record high prices and most of the country. So if you are not planning on owning the house for at least 10 years, I would really take my time. There is a lot of softness going on now in some big cities due to greater supply.See: https://www.financialsamurai.com/time-to-start-worrying-about-the-housing-market-again/
Quote from: Jsmith on September 14, 2018, 09:29:24 AMIf I'm planning on purchasing my first home within the next 2-5 years, is there a certain threshold for a down payment where enough is enough or should you just put as much money into a down payment as possible right off the bat if it's not financially constricting to you going forward?I'm beginning to allocate money into a money market account that I plan on using in the next 2-5 years for big expenses (wedding, house, etc...), so I definitely don't want stock market exposure with that money. I guess I'm trying to internally debate how much of my after-tax earnings should go towards the money market account for an eventual down payment on a house or if I should also be contributing more after-tax money towards riskier investments for longer horizon use (retirement, future kids college, etc...). Also, I currently put 17% of gross earnings into a 401k and have already maxed my roth IRA for this year, so I have a lot of money going towards retirement as is. I'm just stuck on what to do with the leftover money even after all of those savings. Any input is appreciated!