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

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[quote=Anonymous][quote=Anonymous]Dual income but both jobs are very secure.  Two kids and decent college savings.  Aiming to have around $125k saved for each kid for college.  Can’t really find a house for much less.  No need for expensive travel.[/quote]

Are you nuts. My kid was thinking of going instate this year. Buy University of Maryland got super tough and with a 4.7 GPA and 13 APs rejected so no guarantee you will get instate and $125,000 wont even cover in state today if they live on campus. My kid picked the very best OOS school she got some aid at and will cost me $200,000 degree and that is todays prices. You need at very least $250,000 a kid saved. Even today that is only like 62K a year at todays prices and some schools are around 92K so that is in a top school the cost with 30k merit aid .

Maybe if I got a 5/5 at a credit union with a rate cap, buy points. and got a very good rate I might do it. But if rates stay high forever or go higher you may have to move by second reset.         [/quote]

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