I'm saving 1k a month for a housing down payment

[Sad Bunny]

Don't get a 30 year mortgage. If you can't pay it off in 15 you can't afford it

Not true.

Some people might sell the house and not even stay in it for more than eight years so it just depends on the person or they might just want to have a lower monthly payment to be safe but they might double up on payments or pay extra and pay it off early or refinance to a 15 year mortgage later down the line

 

[Kyle C. Barker]

My Marcus Savings Account

0.50% APY

That's less than inflation. You'll have $12,032 after 12 months of adding $1000 a month.

You can play it safe investing in ARKK and APPL at the same rate


Savings Calculator - NerdWallet

 

[itsyoung!!]

Where you live?

I need like 100k as a down payment and would still be stuck with a 3-4K mortgage

No first time home buyer options in Canada? this must be a 2nd house?

 

[Formerly Black Trash]

0.50% APY

That's less than inflation. You'll have $12,032 after 12 months of adding $1000 a month.

You can play it safe investing in ARKK and APPL at the same rate

maybe investing half

Can't have all of my down payment money in stocks

 

[Sad Bunny]

I am currently under contract

1. Get a good realtor

2. Save up the down payment and closing costs

3. Prepare for items that you will need when you move in such as blinds and appliances.

I need blinds a fridge and a washer and dryer

 

[Ya' Cousin Cleon]

San Antonio huh, why not Dallas or Houston

jokes breh, good luck to you, get in while you can bro. Me and the misses put bread down for our spot two years ago, not a house tho.

Im looking at homes in the San Antonio area I think Imma just wait and rent . feel like a big deal and i want to live there for at least 6-12 months . these interest rates just got me itching

 

[Kyle C. Barker]

maybe investing half

Can't have all of my down payment money in stocks

I feel you.

Go half and half between your brokerage account and your savings account for the first two or three months.

I bet after that you'll be going hard in your brokerage account

 

[Wink Beaufield]

Sit down and write out a list of your absolute "must haves" for your future home.

Example: Must have a garage and big yard or must be close to amenities or have a basement.

 

[chineebai]

They look at credit, debt to income, source of money. Good to start a year in advance. Usually anything over 760, you should get the best rates.

 

[MikeyK]

No first time home buyer options in Canada? this must be a 2nd house?

Homes in Toronto are like a million dollars lol

 

[BaileyPark31]

Has anyone heard of these mortgages geared towards nurses or healthcare providers?

I haven't heard of any one actually getting approved for one.


** good luck OP. I'm planning to buy next year also.

 

[Kyle C. Barker]

Has anyone heard of these mortgages geared towards nurses or healthcare providers?

I haven't heard of any one actually getting approved for one.


** good luck OP. I'm planning to buy next year also.

@funkee

 

[itsyoung!!]

Homes in Toronto are like a million dollars lol

Ok? I live in the bay area, thats cheap here has literally 0 anything to do with what I asked....

 

[Originalman]

I'd be paying $1300 more a month if I went with a 15 year




For me personally, I would've missed out on so many shares in my brokerage account if I did that.

That would be $30K less to invest over the last 2 years which could possibly mean me missing out on $40k-100K realized.

Thing is with a 30 year you can call the bank and have them take out money every 2 weeks (like it was a 15 year account in total monthly cost). Then have the bank go back to taking out once a month. You can also just send them extra payments and tell them you want it paid into your principal. I like the 30 year mortgage cause you can talk to the bank and pay extra when you want.

With a 15 year mortgage you can't call the bank and say hey let me pay less like this is a 30 year mortgage.

 

[Originalman]

maybe investing half

Can't have all of my down payment money in stocks

Yeah you don't want to do that. You are doing it the right way because its your down payment money. So you just want it in a safe place until you are ready to buy your home.