Would you take a $950k mortgage on 300k salary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I just made a purchase with a 1.2m mortgage...monthly payment is half of my take home pay (after deductions), and for the other half, most is paid for my only child's private school tuition. I think no savings until rates drop a bit more and I get a refi.

What rate did you get? With the way that the economy is tanking, rates will be at 5.5% before you know it.

5.625 - and I chose to have some lender credit to cover the closing costs, as refi seems likely with more rate cuts expected.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just made a purchase with a 1.2m mortgage...monthly payment is half of my take home pay (after deductions), and for the other half, most is paid for my only child's private school tuition. I think no savings until rates drop a bit more and I get a refi.

What rate did you get? With the way that the economy is tanking, rates will be at 5.5% before you know it.

5.625 - and I chose to have some lender credit to cover the closing costs, as refi seems likely with more rate cuts expected.

Who is your lender? That’s a great rate. Congrats!