Options to pay for a new home?

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Old 07-14-2009, 01:02 PM
TomW TomW is offline
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Shimpy,
Seems we are on a similar time track. The house up north is sold and will close in about 2 weeks. I need to stay up here and work another year or so to claim all the retirement benefits we we are headed to an apartment. I plan to put enough for a 20% down payment plust $10K into CD's to purchase a home. The remainder of the funds that could be used to pay for the house/bond, I intend to invest at a percentage above the interest rate of the mortgage and take advantage of the difference. Depending on your choice of investment and appetite for risk, you can do some simple spreadsheet calculations to see that as long as you can invest safely at a rate higher than your borrowing costs, you may not want to tie up any more money than necessary in the house. This is the approach I am considering but there are certainly others.
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Old 07-14-2009, 03:11 PM
Yoda Yoda is offline
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Quote:
Originally Posted by villages07 View Post
Les,

That is a smart approach. Once you sell, you could be in a new home in TV within 30 days (or less) and rent in between. The bigger variable is selling your existing house. Finding and closing on a house here is a much easier prospect.
Our plan was a home swap. Our present home would pay for our TV home. Hoped to make more but didn't mind kicking in a few bucks to furnish. Most can't do 2 homes.

Yoda
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