A little bit about me- 30 yeo living in seattle(moved to US 2 years back) with 2 kids(1 and 3). I make around 145k in base comp and additionally get around 65k worth of stocks every year(50% every 6 months). I currently contribute 11% of my salary to 401k with employer matching 2%. I have saved around 100k. With kids growing up i really feel like getting a bigger place and thinking of owning a place that costs around 700-800k(no decent places below this price in the greater seattle area) . I am planning to put down 10% to begin with and as my stocks vest this year i can contribute additional 10% by the end of the year to remove PMI. In addition to the amount i have saved, my mother offered to lend me around 35k which i can keep as emergency savings.
Is it recommended to buy the house in my situation? My monthly mortgage will be around 40% of my net pay which will eat in to my monthly savings. I am really unsure if i can afford the house and if it makes sense to buy a house now or should i continue renting for atleast one more year which will cost me like 30k renting.
Submitted January 14, 2021 at 10:13PM by Accurate_Low_9812 https://ift.tt/2LRT7m8
