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06.02.08, 07:37 AM General Topics
8 replies
if you had 2mm in investments and bank, but you were out of work, would you buy a 1.2mm home? thinking of putting 700k down and getting a mortgage for the rest. we might still be out work for a few months... [ Reply | Watch | Flag ]
General Topics 06.02.08, 07:37 AM Flag
 

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I wouldn't put 700k down; why would you do that? [ Reply | More
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General Topics 06.02.08, 07:38 AM Flag
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why not? would rather have low monthly payment. [ Reply | More
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General Topics 06.02.08, 07:39 AM Flag
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Because if you have halfway decent credit that extra 500k is going to do a lot better for you invested elsewhere. [ Reply | More
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General Topics 06.02.08, 07:55 AM Flag
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np. When you don't have a job, you should keep your expenses (e.g., your monthly mortgage payments) as low as possible. You should not count on your money making money for you, and should be prepared for capital to lose value, which means investment income could go down in the short term. [ Reply | More
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General Topics 06.02.08, 08:18 AM Flag
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Well, if you're going to say that, then OP really shouldn't be buying a house when she's jobless. [ Reply | More
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General Topics 06.02.08, 08:19 AM Flag
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I am also the poster below who said to wait. I'm responding to the the OR who said not to put so much down. She should not buy. But if she does, she should put a lot of cash down. [ Reply | More
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General Topics 06.02.08, 08:28 AM Flag
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I would wait until I had a job. I don't think home prices are going to go up any time soon, and may continue to fall. Once you have a job, go for it. [ Reply | More
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General Topics 06.02.08, 07:47 AM Flag
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Only if I had at least one year expenses saved up. [ Reply | More
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General Topics 06.02.08, 08:26 AM Flag
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