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Yea, that's what I was thinking. With making 55K a year, great credit we only qualified for 215K. Fortunately we had saved up a huge downpayment so we have a nice house as 215 wouldn't buy much in this area.Yea...Cygne... that rule of thumb sounds a bit high! I mean, at 30 years, what would the mortgage payment on a house costing $650K run? Even if your credit were good enough for a low interest rate?
Someone else took a picture...I'll have to see if I can get her to send me a copy.And you haven't posted a picture of this yet? I think a group photo is in order here!
But imagine if your mortgage payment was tripled, but you only made less than a thousand more a month than you're making now.Yea, that's what I was thinking. With making 55K a year, great credit we only qualified for 215K. Fortunately we had saved up a huge downpayment so we have a nice house as 215 wouldn't buy much in this area.
Yes, it's definitely slowed down. I talked to our agent earlier this week and she said the market is normal now (we just see it as slow since it's been totally nuts). Houses here are definitely sitting for a lot longer. We bought just when it started to slow down but we've put in a fair share of money in the house so right now we're probably on minus but we'll be here another 5 years most likely, if not longer. But we won't really have to do much after that since all major appliances and tech stuff will be new. It's an old house (1916) and no termites so it should be solid. Well, at least let's pray for that!But imagine if your mortgage payment was tripled, but you only made less than a thousand more a month than you're making now.
Jenn: I'm seeing houses in my neighborhood, which is very middle class, sitting for sale longer. I think the real estate in this area has hit its peak and is starting to recede. I'm so fortunate that I bought what I bought WHEN I bought it. Seems like real estate went nuts as soon as I moved in. I had $10K in equity as soon as I closed on the place! The next day, people were forced to offer more than the asking (and sometimes appraisal) price just to be considered.
Jenn: I'm seeing houses in my neighborhood, which is very middle class, sitting for sale longer. I think the real estate in this area has hit its peak and is starting to recede.
Yes, it's great. We just didn't know for sure where we were going until last summer. We weren't planning to buy until May/June or so (which would probably have been better buyer wise - not interest rate wise) but this house came along and we just love it. And you can't beat the 4 minute commute to work for hubs. What really makes it nice is that neither of us has student loans (well, I have one in Finland but I keep it around just to bring down taxes there), although of course hubs has a job where you never know what can happen the next day and the Navy owns him for at least the next two more years (in reality with aviation another 5 years)I am blessed. My home has nearly doubled in value in four years.
Wasn't that at the beginning of the film? Of course, they do scenes not in order according to the movie.
We got a really good deal on our house because
we live in a rural area
the owner was the contractor/builder and built it with surplus parts by friends
he was getting divorced and was fleeing the IRS so he wanted it sold quickly
and he didn't want the IRS to seize his profits so he sold it for cost!
It's way bigger than anything else in it's price range so we'll probably never move. Plus we really like the location, even though dh has to commute an hour each way.
Our mortgage payment is about 1/4 his monthly income. And we have a 15 year loan as we refinanced when rates dropped, and our rent stayed the same! Our house is one of the things I'm most thankful for.
My mortgage will be 1/2 what my rent was in Ohio.
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