5% down conventional with 640 credit and 5.75%! IS IT BAD OR GOOD MORTGAGE RATE?

[Mightyqueen801]

Originally Posted by lancers

I agree with this 100%. I would never put myself in the position where I could not afford to pay. Back in the day when both my wife and I worked we made sure that I could pay the loan and all other bills out of my take home pay. Some people don't care but I couldn't live like that.

When I was looking, I spoke to two different Weichert finance guys, both of whom urged me to buy something priced much higher than I was looking for. "You have a good salary, you can afford it." I didn't want to because I knew I'd be paying the mortgage post-retirement. They kept pushing, so I found someone else who would work with my reality.

[Retriever]

Originally Posted by Mightyqueen801

When I was looking, I spoke to two different Weichert finance guys, both of whom urged me to buy something priced much higher than I was looking for. "You have a good salary, you can afford it." I didn't want to because I knew I'd be paying the mortgage post-retirement. They kept pushing, so I found someone else who would work with my reality.

When I was in the process of buying my house about 22 years ago, the saleswoman for the developer kept telling me, "Oh, with your income and investments, you can afford one of our larger, more expensive houses!". I ignored her, and went with the 2nd least expensive model out of the 6 models that were offered. Clearly, she was trying to feather her nest with an even bigger commission.

[Mightyqueen801]

Originally Posted by Retriever

When I was in the process of buying my house about 22 years ago, the saleswoman for the developer kept telling me, "Oh, with your income and investments, you can afford one of our larger, more expensive houses!". I ignored her, and went with the 2nd least expensive model out of the 6 models that were offered. Clearly, she was trying to feather her nest with an even bigger commission.

Oh, definitely. If they could get me to borrow $375K instead of $225K, that would have been a nice score. Instead I talked to someone and said I'd prefer to remain conservative in pricing. I ended up buying this condo for $180K.