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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: 03/19/13 update Date:  3/21/2013  3:56 PM
Author:  aj485 Number:  306858 of 312293

I'd like to build my account balance at Schwab and when mom and dad die I could sell my stocks and bonds at market and sell $10K from my Roth because I now qualify for 1rst time homebuyer and try to find something a condo or trailer that I could pay cash rather than have a mortgage that would stress me.

Why are you waiting? You were approved for a $28k mortgage. You have almost $29k in your brokerage account alone, which is more than the $28k mortgage you were approved for. Another $10k from your Roth, and/or cashing in $10k of your $27k in CDs (which I would recommend rather than robbing your Roth) should provide enough for the downpayment and closing costs, and would still leave you with a pretty signigicant balance in CDs for emergencies.

I would also agree that if you are planning on selling your brokerage account holdings 'at market' you are taking a significant risk on money that you seem to be planning on using for something pretty critical (a place to live after Mom & Dad can't provide you one) but the timeframe is pretty much an unknown and could potentially be at a time when the market is down.

Again, it all comes back to the choices you make.

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