Home › Forums › Closed Forums › Properties or Areas › How much house should I buy?
- This topic has 165 replies, 12 voices, and was last updated 16 years, 11 months ago by CogSciGuy.
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December 21, 2007 at 1:17 PM #122367December 21, 2007 at 1:26 PM #122131HLSParticipant
Any loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
December 21, 2007 at 1:26 PM #122278HLSParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
December 21, 2007 at 1:26 PM #122300HLSParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
December 21, 2007 at 1:26 PM #122355HLSParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
December 21, 2007 at 1:26 PM #122377HLSParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
December 21, 2007 at 1:34 PM #122135kev374ParticipantI would say with 20% down your front-end/back-end ratios should be 28/36. In addition you need 6 months reserves at a minimum (i.e. 6 months of your monthly outflows), $5k or so emergency fund for unexpected maintainence, closing costs and you *may* need funds for furnishings and moving costs.
So, buying a home is not the *JOKE* many people have made it out to be in recent years, it is a HUGE commitment.
December 21, 2007 at 1:34 PM #122283kev374ParticipantI would say with 20% down your front-end/back-end ratios should be 28/36. In addition you need 6 months reserves at a minimum (i.e. 6 months of your monthly outflows), $5k or so emergency fund for unexpected maintainence, closing costs and you *may* need funds for furnishings and moving costs.
So, buying a home is not the *JOKE* many people have made it out to be in recent years, it is a HUGE commitment.
December 21, 2007 at 1:34 PM #122304kev374ParticipantI would say with 20% down your front-end/back-end ratios should be 28/36. In addition you need 6 months reserves at a minimum (i.e. 6 months of your monthly outflows), $5k or so emergency fund for unexpected maintainence, closing costs and you *may* need funds for furnishings and moving costs.
So, buying a home is not the *JOKE* many people have made it out to be in recent years, it is a HUGE commitment.
December 21, 2007 at 1:34 PM #122360kev374ParticipantI would say with 20% down your front-end/back-end ratios should be 28/36. In addition you need 6 months reserves at a minimum (i.e. 6 months of your monthly outflows), $5k or so emergency fund for unexpected maintainence, closing costs and you *may* need funds for furnishings and moving costs.
So, buying a home is not the *JOKE* many people have made it out to be in recent years, it is a HUGE commitment.
December 21, 2007 at 1:34 PM #122382kev374ParticipantI would say with 20% down your front-end/back-end ratios should be 28/36. In addition you need 6 months reserves at a minimum (i.e. 6 months of your monthly outflows), $5k or so emergency fund for unexpected maintainence, closing costs and you *may* need funds for furnishings and moving costs.
So, buying a home is not the *JOKE* many people have made it out to be in recent years, it is a HUGE commitment.
December 21, 2007 at 1:34 PM #122140CogSciGuyParticipantI already got qualified for a loan with a couple different mortgage brokers a month or so back, before I backed out and decided it was dumb to go with an IO ARM, esp. with the market tanking for the foreseeable future. So I’m not too worried about what a bank is willing to lend me–I’m sure I can get much more loan than I actually want.
As far as raising my score…I’m just making regular credit card payments on two cards and then my car and student loan payments. Is there something you’d recommend above and beyond that?
December 21, 2007 at 1:34 PM #122288CogSciGuyParticipantI already got qualified for a loan with a couple different mortgage brokers a month or so back, before I backed out and decided it was dumb to go with an IO ARM, esp. with the market tanking for the foreseeable future. So I’m not too worried about what a bank is willing to lend me–I’m sure I can get much more loan than I actually want.
As far as raising my score…I’m just making regular credit card payments on two cards and then my car and student loan payments. Is there something you’d recommend above and beyond that?
December 21, 2007 at 1:34 PM #122309CogSciGuyParticipantI already got qualified for a loan with a couple different mortgage brokers a month or so back, before I backed out and decided it was dumb to go with an IO ARM, esp. with the market tanking for the foreseeable future. So I’m not too worried about what a bank is willing to lend me–I’m sure I can get much more loan than I actually want.
As far as raising my score…I’m just making regular credit card payments on two cards and then my car and student loan payments. Is there something you’d recommend above and beyond that?
December 21, 2007 at 1:34 PM #122365CogSciGuyParticipantI already got qualified for a loan with a couple different mortgage brokers a month or so back, before I backed out and decided it was dumb to go with an IO ARM, esp. with the market tanking for the foreseeable future. So I’m not too worried about what a bank is willing to lend me–I’m sure I can get much more loan than I actually want.
As far as raising my score…I’m just making regular credit card payments on two cards and then my car and student loan payments. Is there something you’d recommend above and beyond that?
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