Financial Advice
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- nearestexit
Hedge,
I'm looking to buy a house. What percentage of my monthly salary should I be using towards my monthly mortgage payment? I've heard 25 percent. Is this true?
- dskz0
yes
- dskz0
wait, im not hedge
- nearestexit0
That sucks. I can't afford the house I really want.
- nearestexit0
Oh, then there is still a chance.
- jfletcher0
I thought it could go to 33%... although it probably depends on your savings.
- dskz0
you may not be better than exit, but your the closest one
- ninjasavant0
110% This is America and thats the American dream and you should never limit your dreams.
- hedge0
33% of your gross monthly income is basically a maximum set by Fannie Mae. 28% is usually the norm maximum, in fact.
- for pinko commiesninjasavant
- Fannie Mae, the same company that created the Subprime mortgage?organic_grid
- mrdobolina0
get a sub-prime loan! you can get that mansion you always wanted for like 6 months.
- sounds like 6 months of primo tail. HIGH FIVE!ninjasavant
- hahahamrdobolina
- hedge0
My advice is don't go above 30% for all your housing expenses. These include monthly mortgage principal & interest payments, insurance, property taxes, etc. It's just not worth it right now.
- boobs0
Don't forget that in this wonderful new home you'll want to eat, do your laundry, go out to shows, take nice vacations, and buy nice clothes and electronics. So don't pay too much for housing.
- akrokdesign0
this might be useful...
http://bubblemeter.blogspot.com/…- so that means its a good time to buy and it will be a better time to buy in the futureepete22
- akrokdesign0
yeah, its a good time to buy and bad time to sell. also prices are lower as houses stays longer on the market.
the scary part to buy now, would be you could ex. get laid off as its recession.
- sputnik20
a minimum 20% down, 30 year fixed rate is the only way to go.
- ribit0
Here in London you can easily pay over 50% of your salary for a 1 bedroom apartment... *whimpers
- ETM0
sputnik2 > a minimum 20% down, 30 year fixed rate is the only way to go.
^^
I wouldn't go more than 20-25 years. A lot of the time your payments aren't that much more for the lower term, since you're paying so much less interest.
- nosaj0
Too many strategies... My accountant reccomends buying an expensive house with a long mortgage.
- omgitsacamera0
My turn:
So I want this:
http://www.bhphotovideo.com/c/pr…850USD. I get ~50USD every week for my lunch, train fare, etc. I am actively looking for a summer job. Should I split it 50/50 between savings and needs?
- you should get a job before you even THINK about dropping 1k on a lens. a $150 f3.5-5.6 type model will do 95% of what the 2.8 will.monNom
- ...95% of what that 2.8 will.
you'll be stopping down the 2.8 to get it sharp anyways.monNom - Well, even though my gym is reasonably lit, I might be able to pull off ISO 2000 at 5.6 on the D300...omgitsacamera
- organic_grid0
Sill loading...
www.christopherjennings.co.uk