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Reply to "down payment on 2nd home"
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[quote=Anonymous]I read people asking about where to keep the cash they are saving up for a down payment. I need to save for a down payment on a new/second home. I could put this money in short term investments (CDs, Ally Bank account, etc.), but why not pump the money into my current mortgage? When I am ready to buy the new house in a year or two, I can take out a HELOC and use it for the down payment. Since my mortgage is at ~3.5%, I come out a lot better than making ~1% on a CD/Ally. Sound right? [/quote]
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