A weekly thread to discuss financial matters - from personal all the way up to global.
Ground Rules
- Remember that we're all just Internet randos. Don't bet your life savings on a hot tip from this thread.
- Keep culture war in the culture war thread. Yes, global events may impact our personal finances, but that does not mean we have to incessantly harp on culture war aspects here. If you are going to discuss it, please stick to the practical impacts of it on an individual level.
- Be kind. Remember that everyone here comes from different circumstances. We all have different resources available and different risk tolerances.
- Don't let the perfect be the enemy of the good. Better is better. Celebrate people when they take a step up and work to move their finances in the right direction. Don't flame out because they haven't followed what you consider the optimal path. Everybody has to start somewhere.
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Notes -
What is the condo square footage and total bedrooms? Do either of you work from home and need a bedroom office? Do you plan for kids, and how many? If you buy a condo with only 2 bedrooms and need a dedicated office space bedroom, then there's no bedroom for a baby to sleep separately. Or do you plan to cosleep your baby, negating space needs for some time?
Fixed 30yr mortgage rates have been going up sharply and fast since March. I've noticed some 7/1 ARM mortgages which have a typically lower rate for 7 years then reset to a market rate in year 8. If you plan to buy and have a mortgage, but are sure you will leave in less than 7 years, then the ARM mortgages with temporary fixed rates can be a useful tool to save money.
Also umm, there's also the "take the big gift downpayment from your FIL while he is able and willing to offer it". Surely it covers the real estate broker and transaction fees with some left to spare. But you can also look at SFH or other condos if the gift is big enough.
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