[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 31 KB, 500x466, 1614647899713.png [View same] [iqdb] [saucenao] [google]
30206466 No.30206466 [Reply] [Original]

I need some advice, /biz

I have some crypto and I've made some money. I want to buy a home but I'm also anxious about taking money out of crypto to do it since I don't have a lot in it.

I'm afraid I'll take it out and then regret what could have been.

Any advice?

>> No.30206891

You dont have a lot in it but its enough to buy a house?

>> No.30207023

>>30206466
if you work a day job use that to save for the house. everything you use for a down payment is scrutinized by the mortgage company. you have to prove where it all came from going back like 6 months. i used wages, stocks, and a 401k loan and had to provide a bunch of documents showing i didnt launder the money. they can say no to any of it if they feel like it.

>> No.30207103

>>30206891
Down payment

>> No.30207189

>>30207023

lol so another decade

>> No.30207338

>>30206466
If you plan on selling crypto for USD and then withdrawing that USD from Coinbase/Gemini/etc, you should plan on waiting 60 days after that money is in your bank account before applying for a mortgage.
The money has to be "seasoned", meaning it sits in that account for 60 days. Otherwise the lender will require account statments for Coinbase, which Coinbase doesn't provide, and your loan application will be denied at underwriting.

>> No.30207749

>>30207189
better start eating rice and beans. if it makes you feel better i bought a house during the bear market and wouldve bought another bitcoin with the money if i didnt get the house. i played it safe because it seemed like the right decision. the good thing was that i had more money for bitties in 2020 because my mortgage is lower than rent was.

>> No.30207967

>>30207023
this anon is telling the truth, my wife and I ended up having to temporarily borrow money from her dad because none of the money I had contributed could be properly verified to the point the bank was okay with it.