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Reply to "Should we take out HELOC for emergency expenses?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Isn't your tax payment included in your PITI? You usually don't pay it yourself. In any event, yes, I'd apply for a HELOC if you can get one. [/quote] I second the question about the taxes. [/quote] OP here. Instead of escrowing the tax payment, we pay it all at the end of the year. I know PITI refers to monthly expense so perhaps I conveyed it wrong. Was just trying to make the point that if you were to look at our overall situation, our PITI is 35% of income. We are stretched but it's not an outrageous percentage.[/quote] But PITI is not 35 percent of your income. PII is 35 percent, plus whatever your taxes are. PITI is probably closer to 40 percent of gross, isn't it? You are living beyond your means.[/quote]
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