Home › Forums › Closed Forums › Properties or Areas › How much house should I buy?
- This topic has 165 replies, 12 voices, and was last updated 17 years ago by
CogSciGuy.
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December 21, 2007 at 2:19 PM #122453December 21, 2007 at 2:32 PM #122216
CogSciGuy
ParticipantGot it. Thanks. I’d seen the 28/36 before and knew what it represented–just hadn’t heard the “front-end” and “back-end” terms.
December 21, 2007 at 2:32 PM #122362ParticipantGot it. Thanks. I’d seen the 28/36 before and knew what it represented–just hadn’t heard the “front-end” and “back-end” terms.
December 21, 2007 at 2:32 PM #122385ParticipantGot it. Thanks. I’d seen the 28/36 before and knew what it represented–just hadn’t heard the “front-end” and “back-end” terms.
December 21, 2007 at 2:32 PM #122441ParticipantGot it. Thanks. I’d seen the 28/36 before and knew what it represented–just hadn’t heard the “front-end” and “back-end” terms.
December 21, 2007 at 2:32 PM #122463ParticipantGot it. Thanks. I’d seen the 28/36 before and knew what it represented–just hadn’t heard the “front-end” and “back-end” terms.
December 21, 2007 at 3:24 PM #122254
svelteParticipantI remember when we first bought in the 1980s we were shocked at what the banks were willing to lend us….they’d lend us enough money to hang ourselves, even back then!
We’ve always worked into it the other way – we decide how big we want our house payment to be and then calculate how much $$ we can borrow to hit that number. We take that loan amount, tack on what we want to put down, and that’s the maximum we can spend!
It has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
Of course, when buying your first place, you might have to stretch a little more just to get in the game.
Good luck and best wishes.
December 21, 2007 at 3:24 PM #122403svelteParticipantI remember when we first bought in the 1980s we were shocked at what the banks were willing to lend us….they’d lend us enough money to hang ourselves, even back then!
We’ve always worked into it the other way – we decide how big we want our house payment to be and then calculate how much $$ we can borrow to hit that number. We take that loan amount, tack on what we want to put down, and that’s the maximum we can spend!
It has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
Of course, when buying your first place, you might have to stretch a little more just to get in the game.
Good luck and best wishes.
December 21, 2007 at 3:24 PM #122424svelteParticipantI remember when we first bought in the 1980s we were shocked at what the banks were willing to lend us….they’d lend us enough money to hang ourselves, even back then!
We’ve always worked into it the other way – we decide how big we want our house payment to be and then calculate how much $$ we can borrow to hit that number. We take that loan amount, tack on what we want to put down, and that’s the maximum we can spend!
It has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
Of course, when buying your first place, you might have to stretch a little more just to get in the game.
Good luck and best wishes.
December 21, 2007 at 3:24 PM #122480svelteParticipantI remember when we first bought in the 1980s we were shocked at what the banks were willing to lend us….they’d lend us enough money to hang ourselves, even back then!
We’ve always worked into it the other way – we decide how big we want our house payment to be and then calculate how much $$ we can borrow to hit that number. We take that loan amount, tack on what we want to put down, and that’s the maximum we can spend!
It has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
Of course, when buying your first place, you might have to stretch a little more just to get in the game.
Good luck and best wishes.
December 21, 2007 at 3:24 PM #122503svelteParticipantI remember when we first bought in the 1980s we were shocked at what the banks were willing to lend us….they’d lend us enough money to hang ourselves, even back then!
We’ve always worked into it the other way – we decide how big we want our house payment to be and then calculate how much $$ we can borrow to hit that number. We take that loan amount, tack on what we want to put down, and that’s the maximum we can spend!
It has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
Of course, when buying your first place, you might have to stretch a little more just to get in the game.
Good luck and best wishes.
December 21, 2007 at 3:31 PM #122269(former)FormerSanDiegan
ParticipantIt has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
The concept of a standard ratio for all categories is absurd. Someone making $50K probably cannot afford to spend 36% on debt service because their other essential living expenses are likely to be much higher a percentage of income compared to someone making 250K for example.
December 21, 2007 at 3:31 PM #122417ParticipantIt has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
The concept of a standard ratio for all categories is absurd. Someone making $50K probably cannot afford to spend 36% on debt service because their other essential living expenses are likely to be much higher a percentage of income compared to someone making 250K for example.
December 21, 2007 at 3:31 PM #122439ParticipantIt has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
The concept of a standard ratio for all categories is absurd. Someone making $50K probably cannot afford to spend 36% on debt service because their other essential living expenses are likely to be much higher a percentage of income compared to someone making 250K for example.
December 21, 2007 at 3:31 PM #122496ParticipantIt has worked well. We never come anywhere close to borrowing the max 28/36. We like to go out and have our fun on weekends, not sit with empty pockets watching reality TV at home.
The concept of a standard ratio for all categories is absurd. Someone making $50K probably cannot afford to spend 36% on debt service because their other essential living expenses are likely to be much higher a percentage of income compared to someone making 250K for example.
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