Posts tagged Buying A Home
I am saving for a down payment for a house; should I keep the money in my savings account or move it somewhere different?

Considering you have a 3-year timeline, a standard savings account isn't optimal due to the low interest rates being unlikely to keep up with inflation. A money market savings account or certificate of deposit would be a better to consider. If you are comfortable with taking on more risk . . . .

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Should my wife and I deplete our cash reserves, withdraw from my 401(k), or use a HELOC to finance home improvements?

I would be hesitant to pay for the home improvement either through withdrawing from a retirement account or getting a HELOC. Both options will increase your risk and harm your ability to enjoy a comfortable retirement over the long-term. There are other recommendations you should . . . .

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What is the safest way to earn a higher interest rate on our money than by using our traditional savings account or a money market account?

In order to stay within your "safest" criteria, you would want to stick with an FDIC or NCUA insured account. You can get slightly higher interest rates by shopping around for high-interest savings accounts from online banks and credit unions. Currently (November 2018), rates on savings accounts are….

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