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How much debt (credit card/car/student loans) did you have as you purchased a home?
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by Newly1
IMO Banks will always tell you you can afford more than you might be comfortable with.
I agree with this statement. Our bank approved us for about 150k more than the price of the house we bought. Technically, we could have afforded it, but money would have been tight to say the least.
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Posted 1/9/10 6:36 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by CAMCaps
Posted by Newly1
IMO Banks will always tell you you can afford more than you might be comfortable with.
I agree with this statement. Our bank approved us for about 150k more than the price of the house we bought. Technically, we could have afforded it, but money would have been tight to say the least.
Most banks use Debt to Income Ratios. They will approve you for the max - we did the same though, we spent much less than what we were approved for.
to answer the OP - we had more than $25K bc of DH student loans (he has masters). I had actually paid off my undergrad SLs, but after we bought the house I got my MBA. No CC debt or car loans when we bought though.
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| Posted 1/10/10 8:24 AM |
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Pumpkin
LIF Adult
Member since 5/05 3353 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Credit cards-3K
Student loans 40k
Car payments- 550/mth
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| Posted 1/10/10 2:03 PM |
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NRuby515
LIF Infant
Member since 9/09 210 total posts
Name:
Nicole - NikkiR515 on LIW
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
I had about 9k in student loan debt and less than 1k in credit card bills... DH had zero debt when we closed.
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| Posted 1/10/10 5:54 PM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We have zero debt. We paid it off last yr when we moved to NC and cut our livng expenses in half. Now, back in NY we still have zero debt. We pay cash for everything, and have one CC just for an open line of credit. If anything gets charged, it gets paid of next bill.
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| Posted 1/10/10 5:59 PM |
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
None, except for school loans. I owed around 15k at around the time we bought our house. Thankfully we still don't have any debt; a mortgage is enough for me!
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| Posted 1/17/10 3:34 PM |
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| Pages: 1 2 [3] |
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