Home Owners Thread

[Corbic]

Originally Posted by Mr.Doback

If you don't have kids/major fiscal responsibilities, it isn't too hard to get approved for a loan that large. My buddy just bought a house for $450k and that is with a 65k/yr salary, no wife/kids and we are both 2 years out of school and make the same income.

See I have no wife or kids, no student loan debt and I make more than that. What did he do, take out a 5yr ARM?


I don't see the point on buying if you are NEVER going to pay it off, that's just a financial burden.

He is likely taking home $3-3,400 a month and at 30 years his mortgage has to be $2,800-3,000.

So best case he lives off $600 a month, worst case he is going into debt each month?

[VROOOM]

Originally Posted by Corbic

See I have no wife or kids, no student loan debt and I make more than that. What did he do, take out a 5yr ARM?


I don't see the point on buying if you are NEVER going to pay it off, that's just a financial burden.

He is likely taking home $3-3,400 a month and at 30 years his mortgage has to be $2,800-3,000.

So best case he lives off $600 a month, worst case he is going into debt each month?

you can rent rooms out too. my friends gets 1450 a month renting 2 out of the 3 rooms at his house out.

[Mr.Doback]

Originally Posted by VROOOM

you can rent rooms out too. my friends gets 1450 a month renting 2 out of the 3 rooms at his house out.

Bingo, he is renting it out and gets about $1k a room which will cover about $2k of his mortgage. I have to ask him specifics, he put down around $45,000 that he had saved up.

[ZenkiKid]

Originally Posted by Corbic

at 30 years his mortgage has to be $2,800-3,000.

Holy crap even for a married couple I would think a mortgage payment that high is outrageous.