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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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I now understand how people get in trouble
with their morgages.
I live OOS and my DH is currently a grad student, so our mortgage would be based on mostly my salary, which is not that high here.
We were told we could qualify for up to 400,000.  That would be like 70% of our income a month straight to the mortgage.
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Posted 1/26/08 3:12 PM  |
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mrsmck
Be a big girl!
Member since 5/05 4898 total posts
Name:
Donna
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Re: I now understand how people get in trouble
I was watching Suze Orman's show a while back and a caller said the same thing. Suze said that almost everyone will be approved for much more than they can actually afford. It's up to the homebuyer to know what their limits are.
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| Posted 1/26/08 3:47 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: I now understand how people get in trouble
I think people need to do their own math. We were approved for a lot more than we spent - the bank isn't factoring in your lifestyle or your future intentions.
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| Posted 1/26/08 4:36 PM |
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Re: I now understand how people get in trouble
Posted by mrsmck
I was watching Suze Orman's show a while back and a caller said the same thing. Suze said that almost everyone will be approved for much more than they can actually afford. It's up to the homebuyer to know what their limits are.
ITA!
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| Posted 1/26/08 4:49 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: I now understand how people get in trouble
This is why DH and I made a budget up of monthly costs with our parents. So we knew what we could afford
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| Posted 1/26/08 6:44 PM |
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beachgirl13
Mommy to 3 boys!
Member since 5/05 4114 total posts
Name:
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Re: I now understand how people get in trouble
We were approved for much more than we could reasonably afford. It's crazy!
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| Posted 1/26/08 7:45 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: I now understand how people get in trouble
Posted by mrsmck
I was watching Suze Orman's show a while back and a caller said the same thing. Suze said that almost everyone will be approved for much more than they can actually afford. It's up to the homebuyer to know what their limits are.
ITA agree! It is unbelievable what the banks told us we could afford. DH and I both thought the guy was smoking crack! We made up our own budget and decided on a top figure that was about 1/2 what the bank told us.
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| Posted 1/26/08 8:02 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: I now understand how people get in trouble
We were pre-approved for $500,000 which made it very easy to buy our $300,000 house....
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| Posted 1/27/08 8:33 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: I now understand how people get in trouble
I have to say, buying well beneath our means has a TON of benefits. I feel so much better about our purchase now. It will only get better since we pay off the only two loans we have in the next 18 months. Besides the mortgage that is. 
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| Posted 1/27/08 10:31 AM |
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mtnmama
Member since 5/06 4794 total posts
Name:
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Message edited 10/7/2009 10:58:32 AM.
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| Posted 1/27/08 10:43 AM |
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lakrav
LIF Infant
Member since 8/07 89 total posts
Name:
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Re: I now understand how people get in trouble
I work for a bank and for qualification we always go by debt to income. With that said, I frequently talk to new homeowners about the potential costs and to sit down and figure what they can afford based on the lifestule they wish to have.
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| Posted 1/27/08 1:25 PM |
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