Home Buying in 12477>Question Details

Samantha Fri…, Real Estate Pro in Saugerties, NY

My husband and I want to sell our large home and buy a multifamily to live in in the next 2 years. We don't

Asked by Samantha Friedman, broker/owner, Saugerties, NY Sun May 4, 2008

have anything significant saved for a down payment so we would rely on proceeds. Would you recommend putting extra money towards paying off mortgage to gain more equity or take that money and save it in a CD, mutual fund or money market for the down payment?

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2
Janine Bowen’s answer
I know you asked this a while ago, but I've been incredibly busy in this crazy market. There are many questions that need to be answered before a useful answer can be given to your question. How long have you owned your home? How much equity do you currently have? What is your home worth today? What is your credit history? Are you carrying debt? What type of multi-family were you looking to purchase and where? How much did you want to spend? I'd say the first thing to do is to determine what your home is worth, so that you could decide how much you would might be able to rely on as a downpayment, and then to look at possible scenarios from there. Once you know where you currently stand you can make a more informed decision.. That said, if you currently have any car payments or credit card debt use the extra money to get rid of those high-interest items, make sure that your credit is stellar so that you can qualify for the lowest rate and make sure that you are currently paying the lowest rate possible on your current loan, which, hopefully, is not an ARM with a looming balloon payment. Call me at 845-616-6289 or send me an e-mail at janineb200@gmail.com if if you'd like my help in valuing your current property and I'll come out at your convenience.
0 votes Thank Flag Link Fri Jun 6, 2008
Dear Sam,
Why don't you talk to a financial planner?Saugerties is a lovely area to live in and is desireable . It depends on the area of Ulster that you would purchase the two family in as regards to price-point. Some areas are less expensive than others.It depends on how much you owe on your present mortgage and the interest rate that would be available to you.
0 votes Thank Flag Link Mon May 5, 2008
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