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Hello fishes, Thanks a lot for being so kind and helpful towards me.
And for giving me support+motivation to fight in this situation 🙏 Myself and my family will be really thankful to you, if you kindly refer me in organization
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Additional Posts in The Real Estate Bowl
Any thoughts on this book?
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.
I’m wondering the same!!!
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.