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Message
re: Mortgage Amount 2-2.5x Annual Income
Posted on 4/13/22 at 9:45 am to REB BEER
Posted on 4/13/22 at 9:45 am to REB BEER
quote:
I would never feel comfortable with a mortgage being 2-2.5X our annual income.
Me either, I wouldn't be able to sleep at night.
HOWEVER, I do acknowledge that this rule of thumb does not/cannot apply to lower incomes.
There is obviously an exponential increase in the difference with higher incomes.
For my wife and I, using the "new" standard (3-4x) would mean could buy a $3-4 million dollar house. There is absolutely no way on God's green earth I would ever do anything close to that.
1
Posted on 4/13/22 at 9:48 am to GEAUXT
quote:
For my wife and I, using the "new" standard (3-4x) would mean could buy a $3-4 million dollar house. There is absolutely no way on God's green earth I would ever do anything close to that.
Subtle brag, doc
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