KnightlightCongrats on having put aside your 30% down payment. I understand where you are coming from since you are not having luck at the moment in finding a home and with time trickling by you're now finding yourself often thinking about this money burning a hole in your pocket. The thing is, rates are so low right now you would be lucky to get 0.2% in a high-interest bank account, so it is not really worth the effort to open one up. Resist any temptation whatsoever in putting this money in a stock... [ more ]
tnd2Thanks for the info, I’ll look up some options and do the comparison. I didn’t realize that they could have unadvertised options. [ more ]
SGLeavitt357Take a look at investment firms like Edward Jones, they often have unpublished money market accounts that yield better returns. Deposit that 1100 there and earn interest on it for the next few years, then pull it and pay a lump sum against the mortgage. But do check the numbers - if the interest earned does not exceed the compounded reduced principal, you might already be doing the best thing [ more ]
Riva951ieHello @Nathan_Gregory What I did was talk to 2 realtors at the same time (Without them knowing). I wanted to know who was more transparent with me with the whole process. After I found out who was more informative/transparent I chose them. Along with feeling comfortable with them. Also did a lot of googling so I would not get fooled. Or at least try to minimize those possibilities. Also, cant go in blindly into this process. Also, once you are qualified, the realtors will obviously try and... [ more ]
Kathleen NguyenIt can be very intimidating, especially in a seller's market. However, find a good agent that is experienced and they will be able to guide you. Buying your first home should not be done by yourself (I am biased but for very good reasons). There are a lot of mistakes that you can make. Most important is having a good down payment so that your payment is manageable. If your mortgage payment is too high (above 45% of your total income- can vary slightly), then it may be too much of a stretch. [ more ]
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