I am thinking of buying a house, as in putting about 60,000 down and using the rest for time beings mortgage.
2006-12-18 19:36:35 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Konala above me, terrible advice, small caps don't lose moeny ?? lol I hope youre not a broker dude.
Anyway, pay off any credit card debts first. A house? where? that matters a lot. Personally I'd go with a nice high rise condo somewhere, hell with houses, too much work. Don't put down all your money, the idiots out there that say put as much down as you can are dead wrong. the truth is put down less, make the mortgage managable. What if you put down the whole thing, then you have an emergency and are cash strapped? did you know that if you put down lets say 60 k on a 260k condo you d owe 200k at 6% which is $1,200 month. Now lets say you put down $30k and owed230k at 6 %, that's only 1,380, a difference of only $180/month. Wouldnt you rather do this and still have $30k left over?? makes sense doesnt it?
The only time putting down a lot of money is good is when you have a ton of it.
I still say grab a 2 bedroom condo. what state are you in?
2006-12-18 20:54:44 · answer #1 · answered by godzillasagoodman 2 · 1⤊ 0⤋
Don't tie up that much money, you won't be able to get to it in a hurry in case of an emergency. You can always pay down on the principal later if you decide to. Get the best interest rate possible on the low down payment (20% down), then invest the rest of your money for the best interest rates you can.
Check your local banks for short term or long term CDs. The interest rate you will earn will counter-balance any interest paid on your mortgage. Otherwise, paid interest will just be lost money.
Go to www.crown.org for great investment recommendations.
Best of Luck and Happy Holidays!
2006-12-19 07:47:49 · answer #2 · answered by Barbara 5 · 0⤊ 0⤋
I would donate some of it just because I believe that we have to pay our tides.
Then I would do exactly what you are planning on. However I would not keep 26000 bucks in cash if you put them in to a bond most banks will give you about 4.71 interest on a two year and 4.56 on a 5 year . I would not put all of that but I would put most of it in some. I wouldn't put it all in to one either unless your bank give you a rate guarantee. Also if you do put it all in one and you fall on hard times then you will have to pay a penalty to get even a little out. So it is best to have smaller amounts. You gain a bunch of money but you may get a few hundred bucks for free and don't have to risk losing it all that way.
Good Luck
2006-12-19 03:54:16 · answer #3 · answered by Feather 3 · 0⤊ 0⤋
I would put the money into small cap security (stocks). They don't get super high returns but you can almost never lose. Let it sit for about two years, while you really figure out what to do with the money.
2006-12-19 03:42:02 · answer #4 · answered by konala 3 · 0⤊ 0⤋
It sounds like a miss America question but seriously i would donate it to a/ homeless /food/shelter.
2006-12-19 04:21:39 · answer #5 · answered by oldster 5 · 0⤊ 0⤋
buy a car and pay for school.
but buying a house sounds like a good idea. its a good investments
2006-12-19 03:39:08 · answer #6 · answered by leksa27 2 · 0⤊ 0⤋
give most of it to my parents to pay off their debts and use the rest to go to back to vet school.
2006-12-19 03:46:18 · answer #7 · answered by carpathian1248 2 · 0⤊ 0⤋
I'd put a dent in my student loan bills.
2006-12-19 08:30:59 · answer #8 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
pay off debts, invest some, splurge, but very little.
2006-12-19 03:43:30 · answer #9 · answered by stix 2 · 0⤊ 0⤋
spend it for house and car for sure... i love travelling, so, i'll spend it travel to my dream place... hehe
2006-12-19 03:47:07 · answer #10 · answered by cambest25 2 · 0⤊ 0⤋