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re: How much of a loan could I be approved for in your opinion?
Posted on 4/8/12 at 12:30 pm to Lou
Posted on 4/8/12 at 12:30 pm to Lou
I'll probably go with 30 but make extra payments when I can so I pay it off faster.
We plan on having kids so she won't have income for a few months and money will get tight.
We plan on having kids so she won't have income for a few months and money will get tight.
0
Posted on 4/9/12 at 2:05 pm to TDsngumbo
You're advising this guy to borrow 5x his annual income for a depreciating asset?
Wow.
Traditional guideline is that your home should cost no more than 2-3x your gross annual income (as a couple).
What if you do borrow 300k, then one of you loses your job? Has a kid? Illness? etc...
Don't be foolish and borrow the max they will give you.
Whatever mortgage you get, should be payable on one income in your scenario.
Doing otherwise would be very short-sighted IMO.
Wow.
Traditional guideline is that your home should cost no more than 2-3x your gross annual income (as a couple).
What if you do borrow 300k, then one of you loses your job? Has a kid? Illness? etc...
Don't be foolish and borrow the max they will give you.
Whatever mortgage you get, should be payable on one income in your scenario.
Doing otherwise would be very short-sighted IMO.
Posted on 4/9/12 at 2:26 pm to WNCTiger
that's not what he said.
that advise would eliminate the majority of homeowners.
most people would struggle paying rent at an apartment complex if one income in a duel income family disappears
quote:
Whatever mortgage you get, should be payable on one income in your scenario.
that advise would eliminate the majority of homeowners.
most people would struggle paying rent at an apartment complex if one income in a duel income family disappears
This post was edited on 4/9/12 at 2:28 pm
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