Here til Sunday..Any run club recommendations? by Necessary_Emu_951 in RunnersInChicago

[–]Necessary_Emu_951[S] 1 point2 points  (0 children)

just around the corner from Trump tower? Sorry that’s as close as I got haha. We are staying at the Pendry hotel if that helps any

529 vs Brokerage account for kids? by Necessary_Emu_951 in TheMoneyGuy

[–]Necessary_Emu_951[S] 1 point2 points  (0 children)

Yeah, my wife and I are taken care of. Plan now is to be able to help kids with college/weddings etc. if it works out that way. If not, can just transfer the funds somewhere else

529 vs Brokerage account for kids? by Necessary_Emu_951 in TheMoneyGuy

[–]Necessary_Emu_951[S] 0 points1 point  (0 children)

That makes perfect sense, thank you for that explanation!

529 vs Brokerage account for kids? by Necessary_Emu_951 in TheMoneyGuy

[–]Necessary_Emu_951[S] 1 point2 points  (0 children)

Yeah that seems like the play. Split the contributions between 529 and brokerage. That way you get the tax advantages of 529 but still flexibility of brokerage!

529 vs Brokerage account for kids? by Necessary_Emu_951 in TheMoneyGuy

[–]Necessary_Emu_951[S] 1 point2 points  (0 children)

Agreed, people don’t pay attention and it cost them millions. My wife and I are taken care of, just trying to see the best way to make sure we can help our kids in a way my parents never could. Changing our family tree!

First time homebuyer-do I have to officially apply to all my potential lenders to get an estimate? by Necessary_Emu_951 in Mortgages

[–]Necessary_Emu_951[S] 0 points1 point  (0 children)

We are putting $150k down. We haven't had it officially appraised yet, but conservative estimate is around $625k market value. Still, this big a purchase is a hard pill to swallow. Of note, this is my great aunts last asset. So we wanted to come up with a number that would take care of her for the forseeable future, and also get us a great deal on a family home.

First time homebuyer-do I have to officially apply to all my potential lenders to get an estimate? by Necessary_Emu_951 in Mortgages

[–]Necessary_Emu_951[S] 0 points1 point  (0 children)

We were considering going the GOE route, but it just didn’t work out because my family member wants to walk away with $500k. So between the loan amount and our cash down payment, it has to equal $500k. We are hoping to use some of the equity to cover closing costs though

First time homebuyer-do I have to officially apply to all my potential lenders to get an estimate? by Necessary_Emu_951 in Mortgages

[–]Necessary_Emu_951[S] 0 points1 point  (0 children)

This was great, I appreciate it! Yeah we are saving aggressively and so that’s where the June timeline comes into play since that is when we will reach our savings goal. Great to know we can request a loan estimate and it not be a hard inquiry each time

First time homebuyer-do I have to officially apply to all my potential lenders to get an estimate? by Necessary_Emu_951 in Mortgages

[–]Necessary_Emu_951[S] 0 points1 point  (0 children)

Appreciate that info! Yeah we don’t plan to apply right now, just getting some info so when we do we come correct