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Real Estate
Reply to "Salary vs House Cost"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Purchased this past summer for $550k. Put down 25% so mortgage is about $410k and payment is $2415. HHI is ~$165k. Could we have purchased more house, sure. But when you really put all the numbers down on paper, it doesn't look like a good idea. [/quote] why is that? you would rather have a house worth $550K appreciate at 3% annually instead of a house worth $850K? [/quote] Not PP, but if you have to go into debt because you overbought and can't cover your expenses, you'll be negating all that appreciation, and then some. You can also invest the money you're saving on your mortgage in other ways. It's called diversifying.[/quote] what are all of these expenses? we are talking about people who qualify for these loans because they have little other debt, other than their mtg payment. not necessarily the poster above, but those making $250K but only buying $500K houses ....[/quote]
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