If you make $4000/mo
Would you be ok to pay $1200/mo for a mortgage payment?
Discussion
mmm, it’s up there… if you think you can refinance (without cashing out) at a lower rate sooner rather than later, yeah maybe.
But 30% of monthly income… it gives me pause.
Comes with;
Space to put the RV.
Almost 2 acres
1/4 acre of raspberry and black raspberry bushes
Only one in the household would need to work to pay mortgage, utilities, and buy Raman. Lol
The bad is the monthly payment and some sagging floors. 🤔
Keep in mind that insurance and property taxes will creep up as time goes by.
Don’t know the interest rate they’re offering, but I would jump at any opportunity to refinance it at a significant lower rate (7% -> 5%)
30% seems high, but if the location works maybe. Depends on other expenses...
Where can you rent for less $1200 and make $4000
Depends how much BTC you have to forego on down payment
Not if the state would know where I reside
save up for a down payment that brings it closer to 1k (1/4) income. also gotta factor in that interest rate
If that's $4000 of take home pay, then yeah I'd be comfortable there.
If it’s 4000$ net.
If it’s 1200$ for X years.
If I work for myself.
If…
The $4000/mo, is me and my g/f working full time....
😔
Ask yourself these 2 questions :
Is there a better alternative ?
Am I ready to commit” for 20~25~30 years ?
The other alternative is simply watch my grandparents hard work go out the window so my dad can get out of debt from his new car and house updates he didn't actually need.
Ouch !
Obviously I don’t have the full story and it seems quite complicated.
Usually, the loan should be no more than 1/3 of your income.