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Reply to "Where do people keep these huge amounts for house down payments?"
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[quote=Anonymous][quote=Anonymous]First time buyers who are normal do not have $100k+ for a down payment. Your typical first time buyer is putting 5-10% down. For a $500k house that's $25-30k. That's not too bad. Stories of people putting 20% down that equate to $100, 200, 300+ k are from people who got help from mommy and daddy or who built equity up. [/quote] There are people who save up a big chunk. We did. We kept the money in either revolving CDs or a high interest savings account, depending on interest rates. We also cashed out some stock that had been purchased years earlier, though we didn't explicitly save in the market for our down payment. [/quote]
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