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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."
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[quote=Anonymous]If you are reasonable secure and content in your current jobs I see nothing wrong with this decision. You need a place to live, and you should be happy in your house. Interest rates are low, and you're locked into a good rate, and under those circumstances a 710k mortgage on 186k a year is not over the top. Pay no attention to the posters who say you should have put down 20 percent. Why on earth would you do that when you can get a good loan while putting down less? I've bought 7 houses over the years and never once put down more than ten percent. Mortgage interest is tax deductible and your money with interest rates so low your money is best invested elsewhere rather than paying down your mortgage. And the bottom line is this: if you discover that you've over-extended, sell. It's not like you have to go to prison. [/quote]
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