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Thanks so much!
Additional Details
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bunnymuny | Buying a home for 290k. I have $100,000k to put down. Am I better to put only 20% down and invest..see remks? |
should I only put 20% down and invest the remaining 42k in CD or some other instrument...was thinking the extra interest i'd be paying will give me a bigger break at tax time?? any financial wizards willing to take this on??? |
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Carolinahomerates.com
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with the housing market....a home may be a bad investment.
never put more than 20% ....it's not going to change the interest rate |
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unisberkensap
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The question(& thus the answer) is not that simple.
Your investment decisions should be based on many things, none of which include opinions from people who do not know:
Your long term goals
Your income
Your tolerance for risk
Your savings habits
Your spending habits
Your age
Your retirement (when)
ETC, ETC, ETC...
Also I would check background and credentials of persons I was taking financial planning advice from. |
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Cheryl G
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The write-off may be offset in a declining market. If you can afford the higher payment associated with an 80% loan, put 20% down and invest a portion of the remainder. Keep some in an accessible cd (6 month or less) to use for things such as new furniture, or to use in an emergency. |
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Marysue
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Ask yourself the following questions:
Would you be better off using the money to cover other expenses?
Think about how $10,000 or $20,000 might be put to better use. Settling in to a new home is often more expensive than new owners bargain for. Don’t forget that reputable movers can easily charge over $1,000 -- far more if you’re moving between cities. If you’re purchasing a larger home, you’ll likely need some new furniture. You may decide that the bathroom you thought you could live with needs to be gutted. Paying these costs with cash rather than your credit card can save you a bundle.
Should you keep the funds available in case of an emergency?
You might also want to stash that money in a high-yield savings account -- a decision that might one day end up saving your home. If you, or your partner, ever lose your job, this emergency fund will allow you to make your mortgage payments until you’re back on your feet.
Have you retained enough to cover all of the required closing costs?
You will need to set aside a little extra to cover all of the closing costs associated with a mortgage. These will be listed in the Good Faith Estimate of costs that your lender is required to give you within three days of your application.
Will a larger down payment reduce the interest rate of your loan?
There are situations when a down payment larger than 20 percent may be a smart choice. If you have a blemish or two on your credit report, more money down may encourage a lender to give you a better rate.
What is your personal attitude towards debt?
If you’ll have more peace of mind with a smaller loan and more home equity, that’s a personal choice no one should dissuade you from.
Do the terms of your mortgage allow you to make prepayments?
Remember that a large down payment isn’t the only way to reduce your mortgage and increase your equity. Many lenders allow you to make prepayments (extra payments to help you pay your loan off faster) once a year. After you’ve been in your home for a while, if you decide you really do want to knock down your mortgage, this feature will allow you to still do so. |
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mike d
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I think you should work with a reputable economic advisor to give you your best options. There are lots of variables that we don't know and could determine what is best for you in your situation.
Overall I think you would be better off using the 42k for other purposes and not paying down the house. Consider some of these options:
-Pay off any debt you have (credit cards, car loans, etc) with high interest rates (i.e. not school loans)
-Diversify investments. Do you have a 401k? Roth IRA?
-Keep at least 2 months salary in a money-market account so it is liquid but still earning a bit of interest
-Consider a 10 or 15 year mortgage, and use some of the 42k to pay down the house to the point where you could afford the mortgage on a 10/15 note instead of a 30 yr fixed |
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Don
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You should never put more than 20% down. Put some of the remainder in an emergency fund and invest the rest in a good mutual fund.
Remember in hard times (sickness or job loss) you can not borrow on your house because the loan is based on your ability to repay, not the value of the house. |
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Anthony
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If you can afford the house with only 20% down, then I would only put that much down - mortgage money is still relatively cheap in spite of all of the negative hype in the market.
Talk to a good financial planner about the best investment route, but also consider now may be a great time to pick up an investment property and develop cash flow. |
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Terry S
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I would NOT put the entire $100,000 down.
Here's the way I would split it up.
20% down $58,000
12 month's living expenses in a money market fund most likely at http://www.Everbank.com
Once you sink 100,000 into a house the only way to get it back is to refinance the home.
I would get a 15 year mortgage on this property.
A 15 year mortgage will save you thousands over a 30 year FIXED. |
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man_marathon
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stop,wait until this market settles down,you might get a better deal |
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