1.3M SFH
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Anonymous
| I’d put only 20% down so you still have an emergency fund. |
Anonymous
|
I mean how much down payment should
Be put down, what % of your savings |
Anonymous
| House is an investment because the idea is that your house should appreciate over the years |
Anonymous
But she has no back up income (i.e., single point failure). How do you think people lose houses? |
Anonymous
| The rule is you can afford a mortgage that is 2.5x your income- that means that you can have a 500K mortgage. So at most a $1.1million house if you put the whole amount down! |
Anonymous
| I was pre approved for 1.4 M though |
Anonymous
What do you think that means? |
Anonymous
| Idk 🤷♀️ |
Anonymous
| Spill the beans bro |
Anonymous
| A 1M mortgage is 5x your income. We were always told 3x should be the max. I would personally stay closer to 600k max. I’d put down as much as you can afford while still setting aside an emergency fund. You don’t want to be in a bind if your HVAC goes or you need a new roof. Or you get laid off. |
Anonymous
I can’t believe anybody but a predatory lender would approve this. |
Anonymous
| Multiple lenders have approved me for $1.2-1.5 range |
Anonymous
| Is the emergency fund just cash sitting in your bank or invested in a brokerage ? |
Anonymous
Dear GOD!!!!! You are an idiot. Preapproved for 1.4 M means that you earn enough to pay the mortgage on an 1.4M house so the bank will give you that amount of loan. It also assumes that you will not save for emergency, not for school, not for college, not for retirement, not for groceries,childcare, braces, winter coats, milk, toilet paper etc - and pay the entire amount you make for mortgage. That is what it means. What work do you do that pays you $200K? Because it does not seem like it required a college degree. How did you end up being a single mom of 2 kids? |
Anonymous
| Divorce? Why is that a big deal? I get ample child support |