- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation Overview
I am in the process of purchasing a house for $2.6 million and plan to set aside $1 million for the down payment. At the moment, my current residence is estimated to be worth around $2 million, but I still have an outstanding loan of $600k on it. Given this setup, I am looking for guidance in terms of managing the down payment effectively.
## Asset Breakdown
In terms of assets, I have approximately $1,102,772.26 in CDs and savings, along with $1,034,032.16 in brokerage accounts. The brokerage accounts primarily consist of individual stocks and ETFs. Considering these numbers, I am uncertain about the best approach to take for the down payment, especially when considering potential risks and future financial planning (such as my child going to college in just 1 year).
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AI Legalese Decoder could assist by providing a thorough analysis of your financial situation, taking into account your assets, liabilities, and future financial goals. By utilizing advanced algorithms and machine learning capabilities, it can help you make informed decisions about how to allocate your funds for the down payment. Additionally, AI Legalese Decoder can provide personalized recommendations on risk management strategies and long-term financial planning, helping you navigate this significant financial transaction more effectively.
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If you can’t or won’t use your cash and cash alternatives, go to a major brokerage firm and apply for a collateralized loan on your taxable accounts. The higher the amount you do the better the rate. Typically, it’s the SOFR rate plus a spread. Spread is lower with the higher amount you collateralize.
This is a common strategy for bridge loan financing between purchase of new home and sale of previous home.
You’ll pay off the loan upon sale of new home.
Are you not planning to sell your current house in the process? Looks like you have $1.4mm in equity…
Selling current house after closing new one though.
Most of it should come from the CDs and savings, but you can also sell some of the stuff in your brokerage account, ideally balancing out any losses and gains to minimize taxes.
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Too rich of a conversation for me to say anything