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Reply to "How much mortgage can we afford?"
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[quote=Anonymous]It would be a seriously bad idea to purchase anything right now. Rent a nice 2 bedroom place, 3k per month, pay off your student debt and save money toward a downpayment. Interest rates will eventually get lower when the economy collapses. Might not happen next year, but it will happen before too long. Then, you will have a downpayment saved up, lower rates, and probably will be making more money (and lower debt ratio) so you will be able to afford a LOT more house. Biggest mistake would be buy right now at high rates and low downpayment, put like half your income toward interest payments (between your student loans and mortgage) and pay 6% commission to the fake profession of "realtors." As a lawyer you should be smart enough to understnd this[/quote]
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