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Old 10-02-2008, 02:23 PM
 
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Quick Question,

What would you consider a reasonable amount of savings to have after you move to a house.

I forget the rule, but I know it is a good idea to have a decent savings, just incase of emergency's.

Any thoughts.
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Old 10-02-2008, 02:23 PM
 
Location: NJ
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6 months
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Old 10-02-2008, 02:38 PM
 
Location: Central, NJ
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I would also say min of 6 months. We also opened a HELOC just in case (the application fee was very low otherwise I wouldn't do that).
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Old 10-02-2008, 02:40 PM
 
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What exactly is a HELOC? Is it a credit line of some sort?
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Old 10-02-2008, 02:43 PM
 
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Oh, Sorry you mean Home Equity Lone.
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Old 10-02-2008, 02:58 PM
 
Location: Right were I should be!
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You should be able to save 5% of your salary with your mortgage being 28% or less. I think it's 15% of the purchase price in savings to cover the 'OMG, we need a new ___________ 's.
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Old 10-02-2008, 03:03 PM
 
Location: Stewartsville, NJ
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Quote:
Originally Posted by tahiti View Post
6 months
In 2003 maybe...
I'd say 12 months with the way things look right now!
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Old 10-02-2008, 03:16 PM
 
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I currently have about 15 days.... I guess thats not good, huh? :-P
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Old 10-02-2008, 03:58 PM
 
526 posts, read 1,391,616 times
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Quote:
Originally Posted by akitasun View Post
Quick Question,

What would you consider a reasonable amount of savings to have after you move to a house.

I forget the rule, but I know it is a good idea to have a decent savings, just incase of emergency's.

Any thoughts.
I would say 4 months in the equivalent of cash, I would normally say HELOC is a good thing to have and you can count on it, but I would not count on it at all the way some banks are acting. You may find a few months down the road, if you are not using your HELOC that they close it on you.
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Old 10-03-2008, 07:29 AM
 
Location: Central, NJ
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Quote:
Originally Posted by akitasun View Post
Oh, Sorry you mean Home Equity Lone.
It's actually a line of credit - we don't owe anything unless we tap it. Then the minimum payment due is just the interest and you can pay if off as quickly as you like.
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