 If you're buying a house, is it better to take out a loan or pay cash? |
| I've heard that there are good tax breaks if you have a mortage. Do they offset the interest that you'd be paying when you take out a loan? Which is better, cash or loan?... |
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 Is £65 rent money a week high? |
for two parents and a child in one room
just wondering
Additional Details
we have this family and they broke our toilet so my mum had to pay and my asked them to cough up as ... |
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 Landlord asked for key to apartment - does law require i give key? |
| My co worker is renting a home from somebody who is selling their home. The landlord has been bringing people to see the house without notice or with very little notice and has been asked many times ... |
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 Buying a first home....why is it so hard? |
| My hubby and I are in the process of buying our first home. Our bank doesn't do 30 year mortgages so they sent us to PHH mortgage. Well this company has been putting us through the ringer. They ... |
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 I just bought a house from a guy whose contract is up with the real estate agency? |
| he actually signed the paperwork last night with me that i had a lawyer prepare. he called me today and said that the realtor wants to collect fees because his sign is in the yard. he wants to ... |
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 How to cancel a contract with a realtor after just signing .? |
| Help my 83yr.old mother does not trust the agent, tried to cancel the contract in 72hrs.he said he will not release her.What to do, who do you contact,what are her rights . I'm afraid she will ... |
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 What does 100 £ "pcm" mean in a house renting ad ? |
Additional Details
100 £ was just an example !
i'm sorry this questions seems obviously stupid to u, but i'm french, and i was thinking it meant "per couple of ... |
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 Coming back to the UK? |
and looking to buy a property that I can keep for a few years,for a future family,at least 4 bedrooms looking in the region of Richmond, does any one know price ranges?Is 1.4 mil enough?
Thanks ... |
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| I just bought a house and my neighbor keeps his dog right next to my house. They have a small yard so it really has no other place to go. They care about there dog I watch them play with it. It barks ... |
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 Does a real estate agent do ANYTHING other than WAITING on your property to SELL???? |
| OK, I know a lot of realtors lurk around here, defending their profession. So, tell me: WHAT the heck are you meant to do as a realtor??? Because every single realtor I've ever used has done the ... |
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 Do I have to pay rent for a house I never lived in? |
| My family was planning to relocate to another state. We found a house loved it, sent a non-refundable "holding deposit" and signed a 1-yr lease with a term from 11/07/07 (when we planned to ... |
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 Can the real estate person really do this and get away with it? Should we pay him? |
| We signed a 90 day contract with a real estate agent to sell our home. During that 90 day period he was supposed to advertise three times in the local real estate magazine -- well he goofed and ... |
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| Please help? |
is $5300 too much to pay for all closing costs ?
my GFE reads $4800, now the loan officer calls and says they added $489 more to cover the survey costs..! what do i do ? should i pay it or just ... |
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 Is this true? |
| I heard that it was easier to get a loan on a house than a car.... |
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 How do I find out if anyone has died in a home we are purchasing? |
| We are about to purchase a home. I watch to many of those haunting shows like Ghosthunters and Paranormal state so I want to find out how do I find out if anyone has ever died in a home? Is there a ... |
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jeff | Recently married and interested in buying a house. is 50% of our take home pay too much for a mortgage? |
my wife and i take home 7400 a month. is 3700 a month too high for a mortgage? we want a new house. |
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poonie
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Should be fine. I think the lines get a little skewed as far as the % of take-home. I mean, if you only take home $2500 and your mortgage is half of that, then you don't have a lot left for utilities, groceries, etc. But half of $7400 is a much bigger chunk. |
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crashfeldman
 |
28 % mortgage and 36% mortgage and other monthly debts is a good rule of thumb. |
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normy in garden city
 |
Twice as much as you can afford. You need to calculate what the taxes will be based on what you pay for the house. Then you have the insurance to pay. You will also need to be setting money aside for home maintenance which is constant even with new houses. I just saw a special on the news yesterday where they said the total for the payment, taxes and insurance should not exceed 25% of your take home pay. |
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ecollado2000
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Take home pay is not the number lenders look at. They usually look at your gross pay. 50% of take home seems reasonable actually. Most lenders want 28% of your gross pay to be the max for your housing expense and 36% for all your debt. |
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Tootsie
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50% take home pay is way to much, your suppose to allow up to 30%, there are usually calculators to use when looking on line what your income is compared to what you can afford.
check it out, type morgage rates/ finance |
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cork
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WHO WOULD ALLOW YOU SUCH A MORTGAGE?
I SURELY WOULD NOT DO BUSINESS WITH SUCH. |
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gulfbreeze8
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The median expense for renting and owning is about 35 % of your monthly income. Looks like you can get that house! |
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blokblok1960
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YES........TOO MUCH......listen to the first (2) answers |
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william w
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If I remember ,,20 is most a lender will allow you to do,,but now with the housing market,,50% is too high for anyone,,,look around find a home that better fits your needs,,no reason to buy big now and down size later when the bill collectors come knocking |
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Snuffy
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believe 26% of take home is the suggested number with
30% the max -- 50% would probably include fixed expenses
(phone, utilities etc) that only leaves 50% for groceries,
allowances, savings, IRA's (depending on age this could
be costly if you want any retirement funds at all) etc etc |
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katie s
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not if you enjoy eating ramen noodles in the dark |
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myfinancialmentor.com
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Yes.
Theoretically you may be able to obtain a loan under such conditions, many people do....but if you just open a paper you will begin to read about them.....by the thousands, folks who are saddled with mortgages they cannot afford are starting to get into trouble.
The fact that you focus the question around the monthly payment and not the price of the house or the terms of the loan is troubling.
For example, if you were to obtain an interest only loan, that $3700 would give you about $700,000 in buying power...versus if you were to obtain a 12 year fixed rate loan, that would give you about $380,000 in buying power.
So if the question is "should I spend 50% of our income to get into the largest house possible under the riskiest possible loan terms" the answer is no.
If the question is "should my wife and I sacrifice and go without some niceties to get our $375,000 house paid off in 12 years, then I would say yes, and congratulations that is aggressive and prudent long term thinking!
Good Luck
Ed |
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