was that the bank or financial advisor advice?

Sign up, and you'll be able to ignore users whose posts you don't want to see. Sign up

Report problem with this ad

Jan 2, 2021
6:43:35pm

byuguns55 Truly Addicted User

was that the bank or financial advisor advice?

Report problem with this ad

byuguns55

Bio page: byuguns55
Joined: Oct 24, 2009
Last login: Jun 12, 2023
Total posts: 27,958 (1,287 FO)

Report problem with this ad

Messages

Author

Time

What percentage of your income is considered prudent for a mortgage nowadays?

byuguns55

1/2/21 6:28pm

50%

pink22

1/2/21 6:29pm

RE: 50%

byuguns55

1/2/21 6:31pm

I say 20% or less is ideal.. though not practical for many given

cougfanz

1/2/21 6:30pm

we would keep and rent out when we move

byuguns55

1/2/21 6:32pm

Mortgages are for losers.

1/2/21 6:34pm

none taken...

byuguns55

1/2/21 6:37pm

<< Deleted >>

1/2/21 6:38pm

okay guys, I get it. I wished I had $750,000 socked away in order to pay

byuguns55

1/2/21 6:39pm

$750,000!?!? No wonder you have a mortgage!

1/2/21 6:50pm

Sorry, I failed to read the body of your post and answered a question you

1/2/21 6:58pm

no worries brother!

byuguns55

1/2/21 7:13pm

If you are really disciplined, I think 50% is fine,

1/2/21 7:00pm

To be clear, I’m not advocating a bigger house, but a quicker payoff.

1/2/21 7:02pm

Have you tried dog yet?

1/2/21 7:03pm

doing our best to steer clear!

byuguns55

1/2/21 7:14pm

My old man went there on the mission in the 70’s. He says

1/2/21 7:20pm

Completely depends on income, other debt/monthly obligations, etc.

byubyu

1/2/21 6:39pm

When i was getting one i think they said no more than 40%

Heath Squashwell

1/2/21 6:40pm

was that the bank or financial advisor advice?

byuguns55

1/2/21 6:43pm

Bank

Heath Squashwell

1/2/21 6:57pm

To really get a grip on finances you should keep your dependency rate or

Nat Gas Man

1/2/21 6:41pm

Depends on other debt but lenders want to see less than 40% of income going to

1/2/21 6:46pm

Understood...I guess I should've phrased it this way: if you can't pay cash

byuguns55

1/2/21 6:54pm

For conforming loans it is max 28% of gross to mortgage + costs, 36% all debt.

Bandit

1/2/21 6:46pm

Conventional wisdom used to be between 25 and 33%. In DC area, I see 35 to 40%

Iman23

1/2/21 6:49pm

says my realtor!

byuguns55

1/2/21 6:54pm

Everyone is different by my goal was 25% of my net monthly income. It’s not

1/2/21 6:50pm

28%. See 28/36 rule.

AF Cougar

1/2/21 6:59pm

Homes, no more than 3 x annual salary and cars no more than 1/3 annual salary.

DwigtA2RM

1/2/21 8:04pm

The former is literally impossible for 95% of the people. Make $70K...

jjshol1126

1/2/21 10:09pm

That was true before interest rates ranked. You can afford a little more now

Nat Gas Man

1/2/21 10:15pm

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad