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Moving to US need some advice

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Scotsman
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Location: Ontario
Moving to US need some advice  Reply with quote  

My wife just finished her degree and got an excellent job offer so we are moving from Ontario to North Carolina in 6 months and plan on staying there for good(love the area). Currently we have enough money for a good down payment and our current little starter home is fully paid for. We have 2 options sell the house and put all money towards the new one for a cheaper mortgage or use our savings as a down payment before selling this one and have a good safety net in case anything ever happens. So I wanted to ask others what the best course of action is over a long term? If I don't put all money towards the house, would it be wiser to invest arond $100000 then use all savings after that to pay off the mortgage faster?

(All currency is in USD)
Current Down payment: $60000
Current House Value: $125000
Mortgage: $350000
Her Salary: Above $100000

Also a bit of additional information, we are 35, no kids and never plan too also I will not be able to work for the first 3 years due to Visa status. We have no debt and vehicles paid for.
Post Mon Mar 26, 2018 12:16 pm
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oldguy
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quote:
I will not be able to work for the first 3 years due to Visa status.


Congratulations to you wife on her new degree and job. Are you Canadian or Scotch? Or both? And I agree with your conclusion - NC is a great place to spend your lives.

If you can get a US job before you move, that will get you a work visa. At any rate, do whatever you can to avoid a 3-year hole in your work history, that will follow you for life. (Can you get a job at your wife's new company?)

Current Down payment: $60000
Current House Value: $125000

I would invest as much of the $185k in an Index as possible. At an average return of 11%/yr for 30 years, that would grow to $4.2 million at age 65. IMO, the goal is to direct your cash (as well as your extra income stream) to it's "highest and best" use. Ie, avoid spending money to prepay long term, low rate loans, keep them for their full terms.
The payment on a 4%, 30 year, $350k loan is $1671/m, that's $602,000 total cost. Meanwhile, the money that you DIDN'T spend ($185k) is on track toward $4.2M in that same 30-year time period.
Post Mon Mar 26, 2018 3:57 pm
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susan7880
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Congrats to your wife on her degree and New job.
Post Tue Mar 27, 2018 4:50 am
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