Home › Forums › Closed Forums › Buying and Selling RE › Honest Opinion Required!
- This topic has 125 replies, 15 voices, and was last updated 14 years, 6 months ago by
peterb.
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March 1, 2010 at 1:59 PM #520360March 1, 2010 at 3:53 PM #519469
(former)FormerSanDiegan
Participant[quote=CDMA ENG
However… You need to exclude our resident realtors on this site from that comment. SD Realtor, sdrealtor, and Urban Realtor have shown themselves to be fine examples of thier industry and you should ask thier opinion and listen chartable.
Also when I was a kid it was 2.5 times? When did the multiplier become 3X? Was it the same people that decided the Debeers commericials should go from one months salary to 3? π
CE[/quote]
The factor 2.5x income was a rule-of-thumb based on higher interest rates (e.g. 10%+). The 3x income factor is based on 7-8% range of rates and 28%- 36% DTIs.
Today, with all the on-line calculators there is really no need for rules of thumb when you can compute exactly what your payment will be. Find a payment that fits your budget and use that to drive your decision.March 1, 2010 at 3:53 PM #519610(former)FormerSanDiegan
Participant[quote=CDMA ENG
However… You need to exclude our resident realtors on this site from that comment. SD Realtor, sdrealtor, and Urban Realtor have shown themselves to be fine examples of thier industry and you should ask thier opinion and listen chartable.
Also when I was a kid it was 2.5 times? When did the multiplier become 3X? Was it the same people that decided the Debeers commericials should go from one months salary to 3? π
CE[/quote]
The factor 2.5x income was a rule-of-thumb based on higher interest rates (e.g. 10%+). The 3x income factor is based on 7-8% range of rates and 28%- 36% DTIs.
Today, with all the on-line calculators there is really no need for rules of thumb when you can compute exactly what your payment will be. Find a payment that fits your budget and use that to drive your decision.March 1, 2010 at 3:53 PM #520043(former)FormerSanDiegan
Participant[quote=CDMA ENG
However… You need to exclude our resident realtors on this site from that comment. SD Realtor, sdrealtor, and Urban Realtor have shown themselves to be fine examples of thier industry and you should ask thier opinion and listen chartable.
Also when I was a kid it was 2.5 times? When did the multiplier become 3X? Was it the same people that decided the Debeers commericials should go from one months salary to 3? π
CE[/quote]
The factor 2.5x income was a rule-of-thumb based on higher interest rates (e.g. 10%+). The 3x income factor is based on 7-8% range of rates and 28%- 36% DTIs.
Today, with all the on-line calculators there is really no need for rules of thumb when you can compute exactly what your payment will be. Find a payment that fits your budget and use that to drive your decision.March 1, 2010 at 3:53 PM #520134(former)FormerSanDiegan
Participant[quote=CDMA ENG
However… You need to exclude our resident realtors on this site from that comment. SD Realtor, sdrealtor, and Urban Realtor have shown themselves to be fine examples of thier industry and you should ask thier opinion and listen chartable.
Also when I was a kid it was 2.5 times? When did the multiplier become 3X? Was it the same people that decided the Debeers commericials should go from one months salary to 3? π
CE[/quote]
The factor 2.5x income was a rule-of-thumb based on higher interest rates (e.g. 10%+). The 3x income factor is based on 7-8% range of rates and 28%- 36% DTIs.
Today, with all the on-line calculators there is really no need for rules of thumb when you can compute exactly what your payment will be. Find a payment that fits your budget and use that to drive your decision.March 1, 2010 at 3:53 PM #520390(former)FormerSanDiegan
Participant[quote=CDMA ENG
However… You need to exclude our resident realtors on this site from that comment. SD Realtor, sdrealtor, and Urban Realtor have shown themselves to be fine examples of thier industry and you should ask thier opinion and listen chartable.
Also when I was a kid it was 2.5 times? When did the multiplier become 3X? Was it the same people that decided the Debeers commericials should go from one months salary to 3? π
CE[/quote]
The factor 2.5x income was a rule-of-thumb based on higher interest rates (e.g. 10%+). The 3x income factor is based on 7-8% range of rates and 28%- 36% DTIs.
Today, with all the on-line calculators there is really no need for rules of thumb when you can compute exactly what your payment will be. Find a payment that fits your budget and use that to drive your decision.March 1, 2010 at 4:37 PM #519479CDMA ENG
ParticipantThanks Former…
CE
March 1, 2010 at 4:37 PM #519620CDMA ENG
ParticipantThanks Former…
CE
March 1, 2010 at 4:37 PM #520053CDMA ENG
ParticipantThanks Former…
CE
March 1, 2010 at 4:37 PM #520144CDMA ENG
ParticipantThanks Former…
CE
March 1, 2010 at 4:37 PM #520400CDMA ENG
ParticipantThanks Former…
CE
March 1, 2010 at 5:04 PM #519494sdrealtor
ParticipantThanks from me too. It’s too easy to calculate payments and compare to your income to bother with a rule of thumb.
March 1, 2010 at 5:04 PM #519635sdrealtor
ParticipantThanks from me too. It’s too easy to calculate payments and compare to your income to bother with a rule of thumb.
March 1, 2010 at 5:04 PM #520068sdrealtor
ParticipantThanks from me too. It’s too easy to calculate payments and compare to your income to bother with a rule of thumb.
March 1, 2010 at 5:04 PM #520159sdrealtor
ParticipantThanks from me too. It’s too easy to calculate payments and compare to your income to bother with a rule of thumb.
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