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Saving for mortgage down payment

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  • NewGrad
    replied
     

    Thanks for this info

     

    can u advise what is the current interest fixed rate on the loans you mentioned ?

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  • Peds
    replied


    and not throwing money down the drain with rent.
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    fail

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  • adventure
    replied




    Hi there, I agree with Johanna. You should also speak to a Lending Officer to discuss down payment options. You may not need as much as you think under the Doctor Loan Program.

     
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    That’s a little sales-y...

     

    can you give some more detail or educational advice for the OP? Eg... what is often a down payment needed for a normal loan? (X%)? Or a physician or professional loan (y%) ? And how might repayment timeframe change? Or interest rate? Or how might such a loan change where the OP might keep the down payment funds? (Eg maybe not a CD, but maybe some other account?)

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  • jz
    replied
    As jfox, asked, what's your timeline?   Any money that you need within 3-4 years should not be in the stock market.  Save using cash-equivalents such as CDs, short term bonds, or high yield savings,   At the most risk, you could use a robo with a VERY low risk profile, or a 30/70 mix like Vanguard's retirement income fund VTNIX.

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  • jfoxcpacfp
    replied
    What is your timeline? If you plan to buy in the next 5 years (the "short term"), stay liquid (i.e. high-interest savings) rather than investing. Too much risk in the market in the short term due to volatility.

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  • Florida-rad
    started a topic Saving for mortgage down payment

    Saving for mortgage down payment

    My wife and I currently rent, however we want to start saving money every month for a mortgage down payment in the event we decide to buy in the future.  We currently max out our 401k, fund a back door roth, and deposit money every month to a taxable account.  Where is the best place to save this extra mortgage down payment money?  Should I set aside money every month in an online savings account making 1.5% interest to avoid market volatility? Or, should I just contribute the extra money toward our taxable account and plan to withdraw a big chunk of cash from it if we decide to buy a home in the future?
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