Forum Replies Created
-
AuthorPosts
-
temeculaguy
ParticipantCogSciGuy, you are wise to avoid borrowing to the limit, 28/33 or 28/36 ratios have been around for a long time and most people can make it using those guidelines. The other thing is your life situation. A family of four or more has a harder time making it on those ratios, a person starting out in their career whose income will increase faster than inflation has an easier time. So the guidelines are relative. What are you paying in rent and how much extra money do you have each month? That is a better question as to what you can afford, ignore what the bank says. If you are paying 2k in rent and you have money to spare, then a $2500 PITI should feel the same (subtract the income tax benefit but add maintenance). If you don’t have an extra grand laying around at the end of every month then be prepared to feel the pinch if you bite off a 3K mortgage and you pay less than 2k in rent. You gross 120 and only have 10k saved, so that’s not very encouraging and you will likely be house poor if you exceed rent very much. Perhaps change your lifestyle now and see how it works. Pay your rent and at the same time pay the difference equal to 2500 or 3000 into savings at the same time and see how your houshold economy holds up.
A long time ago I borrowed 28% of my gross for a house and I was broke for years, today I have a different theory. All house expenses (piti and utilities) with the net from one paycheck and not with a high witholding ratio but something like m-0 or s-1. At 120k you probably take home about 2500-3000 a paycheck so your theory on that being your limit is a good one.
ParticipantCogSciGuy, you are wise to avoid borrowing to the limit, 28/33 or 28/36 ratios have been around for a long time and most people can make it using those guidelines. The other thing is your life situation. A family of four or more has a harder time making it on those ratios, a person starting out in their career whose income will increase faster than inflation has an easier time. So the guidelines are relative. What are you paying in rent and how much extra money do you have each month? That is a better question as to what you can afford, ignore what the bank says. If you are paying 2k in rent and you have money to spare, then a $2500 PITI should feel the same (subtract the income tax benefit but add maintenance). If you don’t have an extra grand laying around at the end of every month then be prepared to feel the pinch if you bite off a 3K mortgage and you pay less than 2k in rent. You gross 120 and only have 10k saved, so that’s not very encouraging and you will likely be house poor if you exceed rent very much. Perhaps change your lifestyle now and see how it works. Pay your rent and at the same time pay the difference equal to 2500 or 3000 into savings at the same time and see how your houshold economy holds up.
A long time ago I borrowed 28% of my gross for a house and I was broke for years, today I have a different theory. All house expenses (piti and utilities) with the net from one paycheck and not with a high witholding ratio but something like m-0 or s-1. At 120k you probably take home about 2500-3000 a paycheck so your theory on that being your limit is a good one.
ParticipantCogSciGuy, you are wise to avoid borrowing to the limit, 28/33 or 28/36 ratios have been around for a long time and most people can make it using those guidelines. The other thing is your life situation. A family of four or more has a harder time making it on those ratios, a person starting out in their career whose income will increase faster than inflation has an easier time. So the guidelines are relative. What are you paying in rent and how much extra money do you have each month? That is a better question as to what you can afford, ignore what the bank says. If you are paying 2k in rent and you have money to spare, then a $2500 PITI should feel the same (subtract the income tax benefit but add maintenance). If you don’t have an extra grand laying around at the end of every month then be prepared to feel the pinch if you bite off a 3K mortgage and you pay less than 2k in rent. You gross 120 and only have 10k saved, so that’s not very encouraging and you will likely be house poor if you exceed rent very much. Perhaps change your lifestyle now and see how it works. Pay your rent and at the same time pay the difference equal to 2500 or 3000 into savings at the same time and see how your houshold economy holds up.
A long time ago I borrowed 28% of my gross for a house and I was broke for years, today I have a different theory. All house expenses (piti and utilities) with the net from one paycheck and not with a high witholding ratio but something like m-0 or s-1. At 120k you probably take home about 2500-3000 a paycheck so your theory on that being your limit is a good one.
ParticipantCogSciGuy, you are wise to avoid borrowing to the limit, 28/33 or 28/36 ratios have been around for a long time and most people can make it using those guidelines. The other thing is your life situation. A family of four or more has a harder time making it on those ratios, a person starting out in their career whose income will increase faster than inflation has an easier time. So the guidelines are relative. What are you paying in rent and how much extra money do you have each month? That is a better question as to what you can afford, ignore what the bank says. If you are paying 2k in rent and you have money to spare, then a $2500 PITI should feel the same (subtract the income tax benefit but add maintenance). If you don’t have an extra grand laying around at the end of every month then be prepared to feel the pinch if you bite off a 3K mortgage and you pay less than 2k in rent. You gross 120 and only have 10k saved, so that’s not very encouraging and you will likely be house poor if you exceed rent very much. Perhaps change your lifestyle now and see how it works. Pay your rent and at the same time pay the difference equal to 2500 or 3000 into savings at the same time and see how your houshold economy holds up.
A long time ago I borrowed 28% of my gross for a house and I was broke for years, today I have a different theory. All house expenses (piti and utilities) with the net from one paycheck and not with a high witholding ratio but something like m-0 or s-1. At 120k you probably take home about 2500-3000 a paycheck so your theory on that being your limit is a good one.
ParticipantSD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.
No Nicky, no Paris, TG no like the skinny ones.
ParticipantSD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.
No Nicky, no Paris, TG no like the skinny ones.
ParticipantSD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.
No Nicky, no Paris, TG no like the skinny ones.
ParticipantSD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.
No Nicky, no Paris, TG no like the skinny ones.
ParticipantSD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.
No Nicky, no Paris, TG no like the skinny ones.
ParticipantHLS I’ll let you know in the next two weeks, I’m planning on looking this weekend and formulating my lowball plan and begin “firing for effect.” Despite my fear of causing Paramount to “look at me” I primarily use just one cc because I am a flymiles junkie and I run a a good chunk of change through it and pay it off. Would it be better to use more than one cc for less dollars each than one for everything? It probably doesn’t matter since I am better than everyone else anyway.
C’mon Paramount, I’m on glass #4, you can’t just pick a fight and go to bed, not with me, nobody punks TG. That wasn’t just another point of view that was a personal attack. I’m busy this weekend and wont have the time or be in the mood, full tranistion from fighter to lover is scheduled for 9:00 a.m.
Last chance or I’ll expect a full apology in the morning, blaming the drink is acceptable and encouraged. You are a nice guy, blame the drink.
ParticipantHLS I’ll let you know in the next two weeks, I’m planning on looking this weekend and formulating my lowball plan and begin “firing for effect.” Despite my fear of causing Paramount to “look at me” I primarily use just one cc because I am a flymiles junkie and I run a a good chunk of change through it and pay it off. Would it be better to use more than one cc for less dollars each than one for everything? It probably doesn’t matter since I am better than everyone else anyway.
C’mon Paramount, I’m on glass #4, you can’t just pick a fight and go to bed, not with me, nobody punks TG. That wasn’t just another point of view that was a personal attack. I’m busy this weekend and wont have the time or be in the mood, full tranistion from fighter to lover is scheduled for 9:00 a.m.
Last chance or I’ll expect a full apology in the morning, blaming the drink is acceptable and encouraged. You are a nice guy, blame the drink.
ParticipantHLS I’ll let you know in the next two weeks, I’m planning on looking this weekend and formulating my lowball plan and begin “firing for effect.” Despite my fear of causing Paramount to “look at me” I primarily use just one cc because I am a flymiles junkie and I run a a good chunk of change through it and pay it off. Would it be better to use more than one cc for less dollars each than one for everything? It probably doesn’t matter since I am better than everyone else anyway.
C’mon Paramount, I’m on glass #4, you can’t just pick a fight and go to bed, not with me, nobody punks TG. That wasn’t just another point of view that was a personal attack. I’m busy this weekend and wont have the time or be in the mood, full tranistion from fighter to lover is scheduled for 9:00 a.m.
Last chance or I’ll expect a full apology in the morning, blaming the drink is acceptable and encouraged. You are a nice guy, blame the drink.
ParticipantHLS I’ll let you know in the next two weeks, I’m planning on looking this weekend and formulating my lowball plan and begin “firing for effect.” Despite my fear of causing Paramount to “look at me” I primarily use just one cc because I am a flymiles junkie and I run a a good chunk of change through it and pay it off. Would it be better to use more than one cc for less dollars each than one for everything? It probably doesn’t matter since I am better than everyone else anyway.
C’mon Paramount, I’m on glass #4, you can’t just pick a fight and go to bed, not with me, nobody punks TG. That wasn’t just another point of view that was a personal attack. I’m busy this weekend and wont have the time or be in the mood, full tranistion from fighter to lover is scheduled for 9:00 a.m.
Last chance or I’ll expect a full apology in the morning, blaming the drink is acceptable and encouraged. You are a nice guy, blame the drink.
ParticipantHLS I’ll let you know in the next two weeks, I’m planning on looking this weekend and formulating my lowball plan and begin “firing for effect.” Despite my fear of causing Paramount to “look at me” I primarily use just one cc because I am a flymiles junkie and I run a a good chunk of change through it and pay it off. Would it be better to use more than one cc for less dollars each than one for everything? It probably doesn’t matter since I am better than everyone else anyway.
C’mon Paramount, I’m on glass #4, you can’t just pick a fight and go to bed, not with me, nobody punks TG. That wasn’t just another point of view that was a personal attack. I’m busy this weekend and wont have the time or be in the mood, full tranistion from fighter to lover is scheduled for 9:00 a.m.
Last chance or I’ll expect a full apology in the morning, blaming the drink is acceptable and encouraged. You are a nice guy, blame the drink.
-
AuthorPosts
