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Old 09-21-2008, 05:24 PM
 
1,831 posts, read 4,706,536 times
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I pretty much agree with everybody else ... $2600 is a big mortgage payment.

It's not just a question of affording it. To me it always boils down to how much rent you're paying instead.

If it's too much of a gap ... i.e. rent is a lot cheaper ... then it's a no brainer to keep renting.
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Old 09-21-2008, 10:51 PM
 
300 posts, read 1,084,289 times
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I'd say no. Your car payments, credit card debt, and mortgage are 56% of your gross pay. That's too high. You should be down closer to 35%. Max.
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Old 09-22-2008, 12:31 AM
 
4 posts, read 8,250 times
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Quote:
Originally Posted by obsidian97 View Post
I'd say no. Your car payments, credit card debt, and mortgage are 56% of your gross pay. That's too high. You should be down closer to 35%. Max.

agree. but i have to point out-everyone is screaming about the car pymts-have you ever thought thta it may be 2 @450 each which is not high. now if it is one car @900, but im assuming it is 2.

IMO i couldnt write a pymt for 2600 for a house each month-but thatsjsut me
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Old 09-24-2008, 01:19 PM
 
Location: Jersey Girl
142 posts, read 505,525 times
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I agree w/ the majority here. That mort. sounds ridiculously high for what you make. Don't you also like to save and put money in a regular bank account just so you can use it towards vacations, tv's, electronics every now and then?

I, personally, hate to be in a house where I'm rubbing nickels together. We live a bit below our means, and love it. I have me a new car (i personally only like 1 car pymt. in the house, not 2), and we get to splurge on lots of things for the house or whatever and be able to go on nice family vacations every year. You'll have some sacrificing to do if you move in this house. Also, unexpected things come up. That's not enough cushion at all.

I agree w/ another poster.....if a bank says you can afford xx and xx, then I always make it lower than that and don't go by the bank. They try to approve you for the highest, and in the meantime you'll be rubbing nickels together to try to stay afloat. I don't like the idea of working for your mortgage. I rather get something a bit smaller and more wiggle room knowing I can go shopping (without using cc's) and can buy nice things and vacation and entertainment expenses.

Good luck to you.
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Old 09-24-2008, 02:13 PM
 
Location: Montrose, CA
3,031 posts, read 7,866,597 times
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Quote:
Originally Posted by heydade View Post
We are left over with about 1424 a month. Would you buy a home that left you with 1,424 a month when all is said and done. And yes, I have a pension system so I am contributing to my retirement...it is automatically taken from my paycheck. What do you think ? I say yes..lets go for it...she says no.
If you have to ask whether or not you can afford a house, then the answer is no. You should listen to your wife, she's being financially savvy in this fluctuating economy. Good on her!
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