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Where should I put my downpayment?
Topic Started: Apr 26 2010, 05:58 PM (251 Views)
Horace
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HOLY CARP!!!
So I'm still pursuing buying a home as a "short sale". These things can take forever, maybe up to 6 months. I don't want my down payment to sit in a money market account, but of course I can't take any substantial risks with the money either. And I have to be able to get at it at a moment's notice.

Anybody have any suggestions for a good place to put it where it can earn at least a bit of interest without much risk?
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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kenny
HOLY CARP!!!
Someone pays interest these days?
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Axtremus
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HOLY CARP!!!
Money market fund.
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Horace
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HOLY CARP!!!
kenny
Apr 26 2010, 06:09 PM
Someone pays interest these days?
Perhaps not.

Although I've heard that vegas blackjack tables pay 100% interest each hand for the money you invest on them. But only if you have a system. (Good thing I have a system.)
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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Horace
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HOLY CARP!!!
Axtremus
Apr 26 2010, 06:09 PM
Money market fund.
I was hoping for something that paid more than a fraction of a percent anually but maybe there is no such thing.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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apple
one of the angels
well. you could take a risk yourself.. put it into a 90 or 180 day CD and not earn any interest if you withdraw early.. you'd have to find one without early withdrawal penalty (Charles Schwab worked for us once)
it behooves me to behold
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musicasacra
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HOLY CARP!!!
Horace
Apr 26 2010, 06:15 PM
Axtremus
Apr 26 2010, 06:09 PM
Money market fund.
I was hoping for something that paid more than a fraction of a percent anually but maybe there is no such thing.
I use ING Direct to park cash for a while. Their rates usually beat everyone else's. No fees, no minimums, free transfers. They have CDs, etc., as well.
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The 89th Key
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I was going to mention ING Direct as well. Very good.
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Horace
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HOLY CARP!!!
Thanks guys. I'd like to be able to transfer this money around but it should probably stay in the brokerage account that I've provided documentation for to my mortgage lenders. So I can't transfer it to ING direct at the moment. That sounds like it would have been a good idea though.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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Horace
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HOLY CARP!!!
apple
Apr 26 2010, 06:22 PM
well. you could take a risk yourself.. put it into a 90 or 180 day CD and not earn any interest if you withdraw early.. you'd have to find one without early withdrawal penalty (Charles Schwab worked for us once)
Ah, that's a neat idea. I'll look into that. Thanks apple. It never occured to me that there were CDs that allowed early withdrawal without penalty.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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jon-nyc
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Cheers
I park cash in DollarSavingsDirect, it pays a bit more than INGDirect. (1.3 v 1.1) It shouldn't be a problem moving it despite what you've told your mortgage broker, just let them know.

DollarSavingsDirect is the internet arm of Emigrant Savings, which is a very old independent bank in NY. You can trust it, its FDIC insured and all. I assume you're talking about 250k or less.
In my defense, I was left unsupervised.
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jon-nyc
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Cheers
https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp
In my defense, I was left unsupervised.
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