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I’m also making around the same as you and I rent a $1,300/month apartment with a strict budget, I’d say $2800 is way too much

Even if I was making double what you're making I would be cautious to spend that much on living space, only consideration would be if you could split the rent with roommates but that comes with it's own risks as well.

Sounds like you are young don’t move into your dream apartment this early. Move somewhere basic and figure out what you value in a place you live. It is easy to get a better apartment in a year, it is way harder to adjust your lifestyle down.

Thank you! Will look at these three!

No. Taking out a 401k loan is almost always a bad option. They seem like a good deal … you borrow money from yourself and pay yourself interest.

Here’s the catch… you put money into the 401k pre-tax and then you pay tax when you eventually pull it out many years from now. When you pull out the loan from your 401k that is not taxable. But, the money you are using to pay back the 401k loan is post tax dollars.

Aka, you end up paying taxes TWICE on the same dollars. That’s very very expensive.

What is the process like? You don't have to haggle for prices? I'm trying to get a hybrid RAV4 but they're selling like hotcakes so I'm wondering if Costco Auto would benefit me in anyway.

Thank you! I kicked myself for missing the 9.62%, and wasn't sure if the 6.89% was still enough, assuming the rate drops in May and knowing we would likely liquidate at 1y and be hit with the 3 month penalty.

It looks like we might be able to still purchase for 12/31/22, and we had considered purchasing in the names of our two daughters as well. So in that case, we'd have 80k earning the 6.89% for the next 6 months, then essentially we'd get three months of interest at the May 2023 rate (assuming we liquidate at 1y mark)? I know it's dependent on inflation, but is there any speculation as to whether the rate may hold steady when it resets in May or if it's more likely to drop?

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I would absolutely not. You are gaining nothing and paying off someone Mortgage. You can live in a nice appartment costing less than that.

Good to know thanks

I'm not OP, but what do you think about a 2k mortgage making 95k+ 5k bonus and net monthly being around 4600?

That won't matter one single bit.

So then you know that you CAN use an after-tax 401k after maxing out your Roth 401k/traditional 401k space, if offered by your plan.

Not anymore. The bank you've been with will try just so hard to get your business. Other banks will do the same.

If you have a lot of money? The bank you have been with will try harder to get your business. Other banks will do the same.

For example I'm keeping some cash inside a navy federal credit union so in the future it will contribute to me getting a good loan from them

bruh, sounds like you are underpaid and that masters degree is worthless. I hope you're not paying loans and are forgiven on the debt. Go into any STEM field and you don't need a masters...

Banks don't like to take 2nd lien on a property these days, which is why they are offering you a much smaller line than what you have in equity. You can either try asking your existing mortgage lender for a line - they would be more open to it since they own your first lien too - or look into a cash out refinancing. That's getting a new mortgage with a higher amount than what you currently owe and you can take the extra cash.

Oh yikes.

If you're not planning to get a mortgage in the next few years you should always be abusing these bonus. Certain ones you can do over and over and over (CapitalOne). Get your mortgage and its smooth sailing even if you have 20 cards.

Your post has been removed because it is primarily a legal question or discussion (rule 5) which is off-topic for /r/personalfinance. /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

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I’ve done this 5 times. Never hurt me, only benefitted.

FHA. Yes you can

No problem. some banks will also just close your card if you haven’t used it for an extended period of time.

Yea, you're need to mortgage your house. No one is giving you 50-100k unsecured, short of pooling 3-5 cash advances on CC.