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Real Estate
Reply to "would you take out a mortgage that is half of your take home pay?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You're living above your means if you only have 6K in savings on 6500/month of take-home pay. Get your spending under control before you worry about purchasing a house.[/quote] [b]I don't have only 6k in savings now, that is the amt I will have left in savings after purchasing home.[/b][/quote] and THAT is financial suicide. I hope the lender doesn't approve you, for your own good. They'd be doing you a huge favor. You need to boost your savings so that you have 6 months minimum in your savings account, and then after that assuming your same income, you [b]should be looking[/b] at homes in the $500K range (which is what you're currently looking at based on the mortgage amount you posted), you should be looking at homes in the $300K range. Otherwise, rent. [/quote] *should not be looking*[/quote]
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