Reply to would you take out a mortgage that is half of your take home pay?

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[quote=Anonymous]I feel like DH and I were like this when we first bought our house. I don't really remember, though, because it was a long time ago. But we were so poor we only had one old, paid-off car. This was back in the day when you didn't have to put anything down, though. We got the mortgage through Morgan Stanley where our very modest (small inheritance from DH's parents) holdings were. It worked out for us because: (1) the value in our home kept rising; (2) my salary increased by about 75% a year later; and (3) we refinanced at a lower rate about 3 years later, at which point we had almost 50% equity in our house. Now, we are a few years away from owning our home, and have $800-900K equity. And in the interim, I was able to stay home with the kids for a few years because of our relatively low mortgage payment.

I guess my point is, it may be worth it in the long run, but only you can say whether you are willing to take the risk. A roommate seems ideal, if you can share the space.[/quote]

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