[vizcaya]

I make 90k, and the most comfortable home purchase, without going broke every payday is a $420k home. This involves me putting about %20 percent down. With a mortage loan of $300k at 5.375, my monthly Payment including taxes and insurance is about $2100 a month.

I cannot understand why someone would think they can afford a $600k or even a $400k mortage with only 90k houshold income.

[vizcaya]

I make 90k, and the most comfortable home purchase, without going broke every payday is a $420k home. This involves me putting about %20 percent down. With a mortage loan of $300k at 5.375, my monthly Payment including taxes and insurance is about $2100 a month.

I cannot understand why someone would think they can afford a $600k or even a $400k mortage with only 90k houshold income.

[vizcaya]

Some of you guys are bitter, or spitefull. The average person does not fully understand what is going on, but it doesn’t give anyone in the “know” the right to slam others.

As for advice, I would not suggest coming here and asking what to do with a asset that is estimated at 1million.

Find a advisor that can give you all the options, not a message board.

[vizcaya]

Some of you guys are bitter, or spitefull. The average person does not fully understand what is going on, but it doesn’t give anyone in the “know” the right to slam others.

As for advice, I would not suggest coming here and asking what to do with a asset that is estimated at 1million.

Find a advisor that can give you all the options, not a message board.

[vizcaya]

Some of you guys are bitter, or spitefull. The average person does not fully understand what is going on, but it doesn’t give anyone in the “know” the right to slam others.

As for advice, I would not suggest coming here and asking what to do with a asset that is estimated at 1million.

Find a advisor that can give you all the options, not a message board.

[vizcaya]

Some of you guys are bitter, or spitefull. The average person does not fully understand what is going on, but it doesn’t give anyone in the “know” the right to slam others.

As for advice, I would not suggest coming here and asking what to do with a asset that is estimated at 1million.

Find a advisor that can give you all the options, not a message board.

[vizcaya]

Some of you guys are bitter, or spitefull. The average person does not fully understand what is going on, but it doesn’t give anyone in the “know” the right to slam others.

As for advice, I would not suggest coming here and asking what to do with a asset that is estimated at 1million.

Find a advisor that can give you all the options, not a message board.

[vizcaya]

I am also a 3.

I timed the market when I bought in 2000, and sold at peak in 2007. I rented for a while after I sold, but quickly found that for me and the family, renting was not going to be a long term deal. We purchased our dream home, and we are back to normal life.

For me I Gained a bigger/nicer house in a nicer area, better school district, closer to work(10 minutes), and have $120k in the bank.

I would be a 1 or a 2, if the darn economy was better. My retirement account is taking a beating.

[vizcaya]

I am also a 3.

I timed the market when I bought in 2000, and sold at peak in 2007. I rented for a while after I sold, but quickly found that for me and the family, renting was not going to be a long term deal. We purchased our dream home, and we are back to normal life.

For me I Gained a bigger/nicer house in a nicer area, better school district, closer to work(10 minutes), and have $120k in the bank.

I would be a 1 or a 2, if the darn economy was better. My retirement account is taking a beating.

[vizcaya]

I am also a 3.

I timed the market when I bought in 2000, and sold at peak in 2007. I rented for a while after I sold, but quickly found that for me and the family, renting was not going to be a long term deal. We purchased our dream home, and we are back to normal life.

For me I Gained a bigger/nicer house in a nicer area, better school district, closer to work(10 minutes), and have $120k in the bank.

I would be a 1 or a 2, if the darn economy was better. My retirement account is taking a beating.

[vizcaya]

I am also a 3.

I timed the market when I bought in 2000, and sold at peak in 2007. I rented for a while after I sold, but quickly found that for me and the family, renting was not going to be a long term deal. We purchased our dream home, and we are back to normal life.

For me I Gained a bigger/nicer house in a nicer area, better school district, closer to work(10 minutes), and have $120k in the bank.

I would be a 1 or a 2, if the darn economy was better. My retirement account is taking a beating.

[vizcaya]

I am also a 3.

I timed the market when I bought in 2000, and sold at peak in 2007. I rented for a while after I sold, but quickly found that for me and the family, renting was not going to be a long term deal. We purchased our dream home, and we are back to normal life.

For me I Gained a bigger/nicer house in a nicer area, better school district, closer to work(10 minutes), and have $120k in the bank.

I would be a 1 or a 2, if the darn economy was better. My retirement account is taking a beating.

[vizcaya]

This is a good question. I was thinking of getting a 10yr I/O variable rate mortage for the home I just purchased. I would have saved about $350 month for 10 years, which ended up being about 42k. I did put 20% down on this house, and bought the house at about 30% off peak(Bank owned, put in a lowball offer). I felt that by going interest only, after 10 years, I would be fine, and the house would appraise for about what I paid for it. I would still have the 20% of equity in the house that I initally put in there. So I would have not much problem refi’ing.

Well after much thought, I elected to lock in a 30 yr fixed at 6%. I made this decision based on the assumptions the rate may be up to 8% or higher, and who knows if this housing market will recover in 10 years.

[vizcaya]

This is a good question. I was thinking of getting a 10yr I/O variable rate mortage for the home I just purchased. I would have saved about $350 month for 10 years, which ended up being about 42k. I did put 20% down on this house, and bought the house at about 30% off peak(Bank owned, put in a lowball offer). I felt that by going interest only, after 10 years, I would be fine, and the house would appraise for about what I paid for it. I would still have the 20% of equity in the house that I initally put in there. So I would have not much problem refi’ing.

Well after much thought, I elected to lock in a 30 yr fixed at 6%. I made this decision based on the assumptions the rate may be up to 8% or higher, and who knows if this housing market will recover in 10 years.

[vizcaya]

This is a good question. I was thinking of getting a 10yr I/O variable rate mortage for the home I just purchased. I would have saved about $350 month for 10 years, which ended up being about 42k. I did put 20% down on this house, and bought the house at about 30% off peak(Bank owned, put in a lowball offer). I felt that by going interest only, after 10 years, I would be fine, and the house would appraise for about what I paid for it. I would still have the 20% of equity in the house that I initally put in there. So I would have not much problem refi’ing.

Well after much thought, I elected to lock in a 30 yr fixed at 6%. I made this decision based on the assumptions the rate may be up to 8% or higher, and who knows if this housing market will recover in 10 years.

[Author]

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