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UCguy
ParticipantLOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).
ParticipantLOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).
ParticipantLOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).
ParticipantLOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).
ParticipantI also wondered if waiting 3-4 years to save the cash so we need financing for just 417K will be wise – given the fact that rates will be higher, possibly MUCH higher and prices not that much lower – especially in the areas we are looking at – RB, PQ – which have not seen *THAT* much distress. (Well, I suppose if the rates are much higher, one can take a longer ARM and refi to a 20-30 yr FMR when the rates come down. Of course, still making extra principal payments).
Shall we raid out our 401Ks completely (we can borrow 50% of them) so we can bring it to 417K? I have a funny feeling that HLS would agree with that strategy…
ParticipantI also wondered if waiting 3-4 years to save the cash so we need financing for just 417K will be wise – given the fact that rates will be higher, possibly MUCH higher and prices not that much lower – especially in the areas we are looking at – RB, PQ – which have not seen *THAT* much distress. (Well, I suppose if the rates are much higher, one can take a longer ARM and refi to a 20-30 yr FMR when the rates come down. Of course, still making extra principal payments).
Shall we raid out our 401Ks completely (we can borrow 50% of them) so we can bring it to 417K? I have a funny feeling that HLS would agree with that strategy…
ParticipantI also wondered if waiting 3-4 years to save the cash so we need financing for just 417K will be wise – given the fact that rates will be higher, possibly MUCH higher and prices not that much lower – especially in the areas we are looking at – RB, PQ – which have not seen *THAT* much distress. (Well, I suppose if the rates are much higher, one can take a longer ARM and refi to a 20-30 yr FMR when the rates come down. Of course, still making extra principal payments).
Shall we raid out our 401Ks completely (we can borrow 50% of them) so we can bring it to 417K? I have a funny feeling that HLS would agree with that strategy…
ParticipantI also wondered if waiting 3-4 years to save the cash so we need financing for just 417K will be wise – given the fact that rates will be higher, possibly MUCH higher and prices not that much lower – especially in the areas we are looking at – RB, PQ – which have not seen *THAT* much distress. (Well, I suppose if the rates are much higher, one can take a longer ARM and refi to a 20-30 yr FMR when the rates come down. Of course, still making extra principal payments).
Shall we raid out our 401Ks completely (we can borrow 50% of them) so we can bring it to 417K? I have a funny feeling that HLS would agree with that strategy…
ParticipantI also wondered if waiting 3-4 years to save the cash so we need financing for just 417K will be wise – given the fact that rates will be higher, possibly MUCH higher and prices not that much lower – especially in the areas we are looking at – RB, PQ – which have not seen *THAT* much distress. (Well, I suppose if the rates are much higher, one can take a longer ARM and refi to a 20-30 yr FMR when the rates come down. Of course, still making extra principal payments).
Shall we raid out our 401Ks completely (we can borrow 50% of them) so we can bring it to 417K? I have a funny feeling that HLS would agree with that strategy…
ParticipantThanks sdr! I agree roughly with your calculations. There is also the PMI which for a 500K loan, with 10% down, is likely to be about $400/month. Property Taxes are likely to cancel out the mortgage interest tax deduction, or so I gathered – but it’s better to not count on that. Yes we are looking to have no or low MRs and definitely low HOAs – if any.
We were also leaning toward borrowing 5% from the 401K…and have some cash (roughly 6 months of P&I) on hand – assuming that the house will not need immediate remodelling. (We’ve seen some older houses in PQ and RB in very good shape for that price).
Still the amount we will pay for housing will be a bit staggering – more than $1500 than our current rent….Just wondering if it’s worth buying at all…
ParticipantThanks sdr! I agree roughly with your calculations. There is also the PMI which for a 500K loan, with 10% down, is likely to be about $400/month. Property Taxes are likely to cancel out the mortgage interest tax deduction, or so I gathered – but it’s better to not count on that. Yes we are looking to have no or low MRs and definitely low HOAs – if any.
We were also leaning toward borrowing 5% from the 401K…and have some cash (roughly 6 months of P&I) on hand – assuming that the house will not need immediate remodelling. (We’ve seen some older houses in PQ and RB in very good shape for that price).
Still the amount we will pay for housing will be a bit staggering – more than $1500 than our current rent….Just wondering if it’s worth buying at all…
ParticipantThanks sdr! I agree roughly with your calculations. There is also the PMI which for a 500K loan, with 10% down, is likely to be about $400/month. Property Taxes are likely to cancel out the mortgage interest tax deduction, or so I gathered – but it’s better to not count on that. Yes we are looking to have no or low MRs and definitely low HOAs – if any.
We were also leaning toward borrowing 5% from the 401K…and have some cash (roughly 6 months of P&I) on hand – assuming that the house will not need immediate remodelling. (We’ve seen some older houses in PQ and RB in very good shape for that price).
Still the amount we will pay for housing will be a bit staggering – more than $1500 than our current rent….Just wondering if it’s worth buying at all…
ParticipantThanks sdr! I agree roughly with your calculations. There is also the PMI which for a 500K loan, with 10% down, is likely to be about $400/month. Property Taxes are likely to cancel out the mortgage interest tax deduction, or so I gathered – but it’s better to not count on that. Yes we are looking to have no or low MRs and definitely low HOAs – if any.
We were also leaning toward borrowing 5% from the 401K…and have some cash (roughly 6 months of P&I) on hand – assuming that the house will not need immediate remodelling. (We’ve seen some older houses in PQ and RB in very good shape for that price).
Still the amount we will pay for housing will be a bit staggering – more than $1500 than our current rent….Just wondering if it’s worth buying at all…
ParticipantThanks sdr! I agree roughly with your calculations. There is also the PMI which for a 500K loan, with 10% down, is likely to be about $400/month. Property Taxes are likely to cancel out the mortgage interest tax deduction, or so I gathered – but it’s better to not count on that. Yes we are looking to have no or low MRs and definitely low HOAs – if any.
We were also leaning toward borrowing 5% from the 401K…and have some cash (roughly 6 months of P&I) on hand – assuming that the house will not need immediate remodelling. (We’ve seen some older houses in PQ and RB in very good shape for that price).
Still the amount we will pay for housing will be a bit staggering – more than $1500 than our current rent….Just wondering if it’s worth buying at all…
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