Getting ready to buy a house and just curious what people find comfortable. What is your mortgage payment (including taxes and insurance), and your household income, and are you comfortable with your mortgage?
Thanks!
To keep from getting in over your head and being financially stressed, your monthly total mortgage payment (PITI) should not exceed 25% of your take-home pay.
Lenders will tell you 30% or more, but that school of thought leads to families struggling with the reality of home ownership and all the other expenses.
Being a home owner is expensive: regular maintenance (air filters, cleaning products, light bulbs, etc.), major repairs like heat & air, roofs, window replacement, painting), yard upkeep, appliance repair and replacement, plumbing emergencies, garage door repair, furnishings and replacing old furniture from time to time, insect and termite control, fence replacement, and the list goes on and on.
Don’t buy the biggest place your lender will allow. Being in debt for your house will hamper you ability to save for future major financial obligations and wishes like vacations, family, retirement, medical expenses, and the occasional toy or trinket.
July 29th, 2010 at 9:33 pm
To keep from getting in over your head and being financially stressed, your monthly total mortgage payment (PITI) should not exceed 25% of your take-home pay.
Lenders will tell you 30% or more, but that school of thought leads to families struggling with the reality of home ownership and all the other expenses.
Being a home owner is expensive: regular maintenance (air filters, cleaning products, light bulbs, etc.), major repairs like heat & air, roofs, window replacement, painting), yard upkeep, appliance repair and replacement, plumbing emergencies, garage door repair, furnishings and replacing old furniture from time to time, insect and termite control, fence replacement, and the list goes on and on.
Don’t buy the biggest place your lender will allow. Being in debt for your house will hamper you ability to save for future major financial obligations and wishes like vacations, family, retirement, medical expenses, and the occasional toy or trinket.
References :
July 29th, 2010 at 10:07 pm
The old rules no longer apply, Households now spend between 21 – 54% of their gross income on housing. When a financial institution reviews a mortgage application, it usually follows two basic guidelines in determining how large a mortgage to grant:
•Principal, interest, taxes and insurance (PITI) should not exceed 25 to 28% of gross income, and
•PITI plus other long term debt should not exceed 33 to 36% of gross income
I doubt anyone would be willing to give you their personal information. Here are links to sights that will help you find answers to your questions. They are not real estate or mortgage website, just informational as to purchasing property.
http://patrick.net/housing/prices.html -
http://www.homefair.com/articles/mortgage/housing-affordability.asp
References :
http://patrick.net/housing/prices.html -
http://www.homefair.com/articles/mortgage/housing-affordability.asp
July 29th, 2010 at 10:21 pm
30 year mortgages like you going to keep your job for 30 year. most people live mortgage free almost rent free
to . That the only way to save money.
a house cost Double in the long run .
References :