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Elle


Hermes

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RE: Big. Scary. Mortgages. and stuff ...
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greendiamond wrote:


It is scary buying a home, but it is so nice and worth every worry. But, do remember that the amount you are pre-approved for on a loan doesn't mean you can afford to pay the mortgage on that priced house.




ITA Greendiamond.  Our mortgage broker said we'd probably not have a problem being approved for nearly twice what we're asking to borrow now (already at the limit of what we feel is a reasonable mortgage payment for us) - I was totally blown away by that!  That would have to fall under predatory lending, if you ask me.


We're very conservative financially, and while we're keeping our eyes peeled in our current 'comfort price range' I think it's going to take some more savings to get us up to a level of house that we wouldn't mind living in for 10+ years, if it comes to that.  But you never know when a bargain is going to pop up, right?   Hopefully by the time we see the right thing, we'll have looked at enough places that we won't have to hesitate, and we'll have saved additional enough to get it!



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NCshopper


Hermes

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I heard a great piece of advice from Suze Orman once.  If you're thinking of buying and you've figured out the price range you're looking at, find a mortgage calculator online, then determine what your monthly mortgage payment would be plus monthly insurance, homeowners assoc. dues, and taxes. 


To find out if the price will work for you, start putting that amount away each month in an account where you won't touch it.  See if you can live with that for 6 months.  If that's doable, then you know it'll work, plus you'll have been saving more money for 6 months and can use that towards your down payment.  (Plus, if you put it in an ING or other money market account, that money can be earning interest for you, so you'll have even more to put down!)



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