{ "media_type": "text", "post_content": "Those in HCOL areas. If a year or two out from buying, are you prioritizing home down payment savings over retirement? Currently max 401k, debating on max IRA or put towards down payment", "post_id": "5c1f6cc4a0f33500175ff29f", "reply_count": 10, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Those in HCOL areas. If a year or two out from buying, are you prioritizing home down payment savings over retirement? Currently max 401k, debating on max IRA or put towards down payment

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Agree with ACN1. My fiancée and I have both reduced our 401k to only get the full match. The rest has been going to a down payment fund. We decided avoiding PMI was worth diverting some $$ from retirement.

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Yes. Over any time horizons I’m likely to own the place and not refi, that 1/8th is de minimis

It’s tough when you’re looking at a 6 figure down payment. Personally I’ve been making sure I get my full 401k match (6% at ACN) and putting the rest towards the down payment for the past two years. Will start the process for buying in the spring

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That's an asinine generalization. I've bought 3 houses in multi-offer situations. More importantly, your final financing doesn't have to match your original offer, as long as changing terms doesn't slow things down.

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My thought is you can do less (but not no contributions) for ~2 years to buy in a hcol area. Maxing 401k is just fine for a few years, build that down payment.

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You don’t have to necessarily pay PMI if you don’t have 20% down. I’m not. Bought 2 years ago in DC. I had a 6 figure chunk of change but it still wasn’t 20%... I chose to structure my borrowing with a “second mortgage” to avoid PMI. I have 30 yr fixed plus a piggy back HELOC To sum up, when it comes to PMI, if you have less than 20% of the sales price or value of a home to use as a down payment, you have two basic options: Use a "stand-alone" first mortgage and pay PMI until the LTV of the mortgage reaches 78%, at which point the PMI can be eliminated. Use a second mortgage. This will most likely result in lower initial mortgage expenses than paying PMI. However, a second mortgage usually carries a higher interest rate than the first mortgage, and can only be eliminated by paying it off or refinancing the first and the second mortgages into a new stand-alone mortgage, presumably when the LTV reaches 80% or less (so no PMI will be required).

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