I currently max out my 401k, is it worth reducing my 401k contributions to save aggressively for a 20% down payment. My lease ends in July so would consider buying around that time frame. Or is it better to keep maxing 401k and just put less down and pay the PMI?

like
Posting as :
works at
You are currently posting as works at

If your credit is decent PMI isn’t that big of an expense. I am about to close on a 600k condo, with 10% down the PMI is $100 a month. Keep maxing out the 401k and save aggressively till you have 10% down. Some places 5% down is enough.

like

I’m wondering the same!!!

like

401k loan an option?

+1 on 401k loan.

I’ve done it, and it’s worth it. I did not want to put down 20% nor put my own money as down payment. I put my saved money into the stock market

Ideally you would have two avenues for savings that are long term vs short/medium term. Don’t see how lowering your contributions would be beneficial to you especially if company match is good enough. I would play simple (even though not ideal) and go with a greater that 5% below 20% down payment on the house

I typically save a good portion of my net paycheck which I’ve used to build my emergency savings fund and down payment. The question is more along the lines of do I reduce my 401k contributions over the next 5-6 months to be able to hit the 20%. Once I buy the house I should be able to up my contributions back to the max.

Even if I reduce my contributions I’d still be able to get the company max, but our match isn’t that great anyways

+1 on going 5-10% down with PMI.. totally worth it

Thank you, appreciate the advice

Compare your leverage rates and tax implications. I would guess that you’re best bet is to get the most LTV you can, and keep adding to the 401k. With debit as cheap as it is now, I’d even consider borrowing more than you have to and put the balance into the market. You’ll outrun your interest and pocket the difference.

You can use your 401k for source of the downpayment without any tax penalty. Let me know if I can help you with putting together how much you would need as I’m on lending side n

Never pay PMI

@EY2 I just don’t agree that paying $100/month for opportunity to keep $20-30k of my money in the market working for me is “wasting money”. But your right, everyone is entitled to their opinion.

Related Posts

Switching jobs and am getting 250k RSUs (25% vested each year over 4 years) the stock seems to be doing good (40% growth over the past year) should I keep them all or sell some and put in ETFs or index funds? Or something else?

Financial situation: Planning on purchasing a house in 2022. I don't have major debt just a car payment of 20k. Make about 220k per year. 30k in bank 12k in Robinhood and 33k in 401k. age 38 have a 4YO and no other savings.

like

Hi fishes, I am searching for 1BHK near IBC tech park for family Any recommendations?

AWS Engagement Managers (or even Senior EM) pay/benefits in Canada if possible (if not, US is fine with COL mention) ? Can anyone compare to Big4 ?

like

As the year wraps up, what % did your total net worth rise YTD? Btwn earnings and market and crypto, my NW is up 25-30% this year

like

Hi! If I was laid off and have no income coming in should I still buy the dip??

funnylike

I will be interviewing with Google for Healthcare products. Please share interview tips with Google, this is the first time I will be interviewing with one of the FAANG companies. Thank you

likefunny

Not certain of peoples’ involvement/sophistication with the blockchain industry but have people heard of DFINITY, what are your thoughts on it, and are you investing in it?

like

Anyone here work in Israel ? Planning to make Aliyah in the upcoming year

like

If anyone is interested in investing in crypto, I’m running a kickback campaign on Vauld, where both, you and I can reap benefits. You could also FD your crypto investments at interest rates as high as 12.68% for a few tokens.

Comment here or DM me personally if interested to talk further. Note that this crash is a great opportunity to enter. 😊

Can someone explain the obsession with owning rental properties to me? Does it just come down to diversification (not 100% correlated w/stock market)? Returns are lower than investing in equities.

like

Hello guys, can anyone please suggest how can i bring down the tax in the given CTC.
P.S : All allowances which i am not claiming will add up to special allowance which is taxable. No gratuity or insurance premium will be deducted from this CTC

Post Photo
like
like

Is there a benefit to maxing out my Roth IRA now with the stock market down? I was going to wait to chunk it out throughout the year

like

Anybody have any leads on work from home positions in healthcare?

like

Looking for any financial advisor recommendations - interested in buying property and taking care of my parents at a later date for the long term. I am single young professional 27 no property no kids. Thank you for your recommendations!

like

My benefits at the hospital are so bad! I pay so much for them and don't get anything back!

like

Anomaly NYC —
Structure of accounts, opportunities for growth, work / life balance, benefits. Thoughts?

likefunny

Does anyone have a good practical guide / book on getting started with small multi family real estate investing? I’m in Canada and am looking to avoid hype books to get to the practical need to know details. I have between 250-350k to invest and looking to scale as quickly as possible

like

More Posts

My eyesight is getting worse and it’s lowkey stressing me out lol. On that note, do you know what the cheapest way to get contact lenses is?!

like

Hi I am currently I working as a Data Scientist at Optum. I have overall 5+ years of work experience with 4+ years specifically into Analytics and Machine Learning. To be more specific, 2+ years in Deep Learning and NLP.

Also, I do have a full time Master's in Data Science.

Currently I am getting 18.5 LPA(With 15 Fixed + 2.25 Variable + PF etc)

Am I being underpaid?

like

Hi, I got two offer from Capgemini (24 fixed+ 2.5 Variable CTC) at C2 band & Harman international (25L Fixed+ 1.5L Variable +1L JB)
at senior solution Architect role. Please suggest your opinion which one should I choose.

YOE-7
Skill- SAP Functional Capgemini @harman international

I have received the offer letter from TCS.
They have given me grade C2 and also how much in hand will I get here?

Post Photo
like

How long should you work to avail maternity leave in TCS. (Normally its 80 days) I have an offer and came to know that i am expecting. Is it a good idea to inform manager/HR upfront. Will it have any negative consequnces on my offer?

I want this child and this switch is equally important to me at this time.
I am in dilemma pls help

like

I feel like I wouldn't get many tips as a server because I'm a guy, is this really true or am I just making it up?

like

Currently asking around for others that work in the hospitality industry specifically banquets or banquet serving what is the tip pool break down at your hotel servers,captain, houseman, house percentage do you think your paid fairly from the tip pool?

like
likehelpful
like

Any experienced hire who recently joined and is questioning their decision?

I work at a small size organization and currently work as an EA but of course do many other things because of the size of the organization. I am trying to expand my role and take on more responsibility around culture and innovation, I want to hear what everyone’s thoughts are about what creates engagement and great culture environment, what you see and what you’d like to see? Innovative ideas in all areas.

Hiring for ATC is closed in Salesforce for this Year. Salesforce

Be ready for wave coming to India

like

My mother came on b2 visa from India and I planning to send her at June end whereas the i94 is till 14 June. Do I need to apply i539 or any other way through which it’s possible to get around 15 days extension

like

Someone stole my wallet from work with a boatload of cash in it (was taking it to bank next day). Why would someone do that. :(

like

Been in house for about a year. I just found out that a new hire who has 1-2 less years of experience than me (but will have the same role/title as me) received a compensation package significantly higher than me, mostly due to the market dynamics with law firm associates’ compensation being ratcheted up the past year. Can I ask for an equitable raise mid year? And if so, how? I got rave reviews but an immaterial pay bump (3%) at year end in December.

like

I will make executive platinum on AA, with miles from a flight on the day of my birthday. How should I celebrate? #ThisConsultingLife

like

Additional Posts in The Real Estate Bowl

Bi-annual plug to say I’m a realtor in Charlotte, NC if anyone needs help buying a home or investment property. DM me!

like

Just got a quote for 30 year fixed rate mortgage at 5.99%. Thoughts?

like

Hey hey all. I am writing a book on value creation in commercial real estate - from site selection to tenant management basically capture where industry experts see value lost or opportunities not captured. Anyone want to contribute to some insights ?

like

Any thoughts on this book?

Post Photo
likefunny

One of my clients is a large scale residential/mixed-use developer entering the NYC market and asked if there are conferences/events that he can attend to network with likeminded people. Aside from normal online searches, I figured I’d see if anyone has any feedback in here!

like

How do you know the limits of your DIY capacity? Started demo'ing a bathroom for a DIY remodel, but thinking there's a chance I'm in over my head and will need help, but not sure?

like

Anyone selling an investment property in the northeast? New York, PA, NJ preferred. My family and I are looking for our 1st investment property so wanted to see if anyone had good deals that Zillow doesn’t normally offer

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

Is waiting out this market a thing as a buyer looking for a residential property?

I want to relocate closer to a new job. Bought last year at a great price and 2.25% interest rate. Commute is now 45-50 min. I don’t want to get in a bidding war but it seems like people think rates AND prices are going to keep increasing. If that’s the case it seems there’s no incentive to wait. Any insight is appreciated.

like

Anyone in California familiar with SB 9 and 10. Curious if you lot split a single family home that is currently zone multi-family as when I was reading the bill it said it was for single family. Just wondering if anyone might have any insights from their research. Thanks!

like

Looking at new construction with local builder and not sure how the construction loan works, in an actual practical way.

I have a current personal residence. If I were to buy a re-sale home, I would sell my current home, pay off my outstanding mortgage, and use the proceeds as a down payment on the new purchase.

How would that play out with a construction loan? Anyone care to explain, please?

like

Has anyone used OwnUp to get a mortgage for a primary residence? If you did what was your experience working with them?

like

How close to closing do lenders verify employment?