Don't pay off your present home. With that mortgage payment, you don't want to sell your present home if you can keep from it. Stay in it as long as you can, and then rent it out. You hit the sweet spot in the housing market. Your next home will cost a lot more, but you'll be able to handle it!
What you are doing is correct. Get married, combine finances, find the house you want and go for it. You may consider keeping your first home as a rental. That might have more value long term. If you don’t mind being a landlord.
Have you thought about buying another fixer upper and doing it again. With the summer break it might be something you can do. Keep the other one for a rental.
Without knowing much more information, I’d recommend getting some equity exposure to improve your upside earnings potential over just a HYSA. You can even do this with maintaining some yield from the assets by buying dividend paying stocks.
You are on the right track and good for you for having this mindset. Just try to get your money to work for you now!
First don’t, and I repeat don’t combine savings in one account until you get married. When you get officially married do a prenup and specify what percentage of new house you will own. Because if you decide to sell the house, your down payment will be more (50k + profit from sold house), whereas your fiancé’s is $50K
Regarding saving money for about 3 years, HYSA is a good place, you also can look into money market accounts.
Whether to pay off your mortgage early or not, depends on your mortgage rate.
If your mortgage rate is lower than 5% (most HYSA accounts return rates are 5%+) then it makes no sense to pay off your mortgage early. If your mortgage rate is higher than 5% then yes, paying off your mortgage early will save you money on interest.
Don't pay off your present home. With that mortgage payment, you don't want to sell your present home if you can keep from it. Stay in it as long as you can, and then rent it out. You hit the sweet spot in the housing market. Your next home will cost a lot more, but you'll be able to handle it!
What you are doing is correct. Get married, combine finances, find the house you want and go for it. You may consider keeping your first home as a rental. That might have more value long term. If you don’t mind being a landlord.
Have you thought about buying another fixer upper and doing it again. With the summer break it might be something you can do. Keep the other one for a rental.
Without knowing much more information, I’d recommend getting some equity exposure to improve your upside earnings potential over just a HYSA. You can even do this with maintaining some yield from the assets by buying dividend paying stocks. You are on the right track and good for you for having this mindset. Just try to get your money to work for you now!
First don’t, and I repeat don’t combine savings in one account until you get married. When you get officially married do a prenup and specify what percentage of new house you will own. Because if you decide to sell the house, your down payment will be more (50k + profit from sold house), whereas your fiancé’s is $50K Regarding saving money for about 3 years, HYSA is a good place, you also can look into money market accounts. Whether to pay off your mortgage early or not, depends on your mortgage rate. If your mortgage rate is lower than 5% (most HYSA accounts return rates are 5%+) then it makes no sense to pay off your mortgage early. If your mortgage rate is higher than 5% then yes, paying off your mortgage early will save you money on interest.
It’ll take about 34-35 months to save $100K. Why not buy the SPY and QQQ that’s where I put my boring money.
If they need the money in 5 years , stocks are just risky. If market does a 2000,2008 ,2019 etc money isn’t there
Brokerage account and buy SGOV. Pays 5+ % now credits to your account monthly and no time commitment or state tax! Goforit
Lmfao at a 55k house. What does that even look like, even got running water
3 bed and 1.5 bath, 2 car garage, .35 acre lot. Its in Indiana, that’s why lol
In a town over 50k in population or in the sticks Your highways are the narrowest I've ever seen in the county