Reply to Anyone at $330K HHI have a mortgage that is $4900/month (37% of net pay / 17% of gross)?

Forum Index » Money and Finances

Reply to "Anyone at $330K HHI have a mortgage that is $4900/month (37% of net pay / 17% of gross)?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]At one time, we DID have that income (well close to it around $310,000).  My husband and I tend to be a little conservative and cautious - so we REFUSED to take out a loan that we were stretching ourselves on.  We decided to go for something that we could afford on HALF our income (in case something was to happen to either one of us).  Our mortgage was around $3900 (roughly) plus HOA fees.  Two years into it, I got laid off.  I was out of work for 9 months and when I went back to work I was underemployed.  We survived and had zero late payments.  Our income for a couple of years hovered around the $150-$175 range.  We are now around $225 - heading up to $250 here.

- You have been unable to save money on your own.  
[b]- You are stretching yourself with track record of setting aside the 'extra'[/b]
- You are assuming an Aupair will reduce your child care costs- with no track record there
- You are relying on Grandparents to help out
- You have credit card debt that you have not been able or willing to pay down

It would be wise to either lower your expectations or take a break from the house search and realistically try to set aside the money (the cost difference between your current mortgage and what your new mortgage will be) for a year.  If you can do that, you can apply that money to the cc debt AND to a down payment.  If you are unable or unwilling to, then maybe you aren't ready to extend yourself so much.

[/quote]

Meant to say you are stretching yourself with NO track record of setting aside the extra.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics