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

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[quote=Anonymous]BTW you should be buying a house on one income not two. You have double the chance of a layoff. I made 360K when I bought my house and I put down a 60 percent down payment to get mortgage down to 575K the conforming limit at time and got a fixed 30 year at my bank where I got a low rate. I was worried I lose my job which guess what 3 years later I did in Covid and was out of work almost one year. I still have house but cant imagine I still would if I had such a large mortgage. I would have also had a hard time refinancing when unemployed even though rates were superlow.

Plus you did not say age. At 55 a 30 year mortgage is done at 85 at it is done at 65 Most people do not stay in home that long.

But my stupid sister bought her dream home and took a huge mortgage at 45 and by 57 her husband lost job and she got cancer and they had to sell in order to retire. Was house she wanted to die in. The live in a much smaller house in a now

They thought two incomes and such be safe He partially lost his job as he was juggling so much with her cancer and three kids and a commute he was first to go when layoffs happen

He is partially why I put down 60 percent and got a fixed rate and bought points I dont want to lose my house in retirement. 
 [/quote]

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