What's your mortgage story?

Tips and Deals Forums Home Insurance What's your mortgage story?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 6 years, 10 months ago.

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    A bit personal I know…

    My husband and I are struggling to figure out if the house we’re looking at is within reach for us.

    We’ve been APPROVED for a $ 200,000 mortgage (with 20% down—we plan to put a bit more). However, we know that that isn’t necessarily a guideline to go by.

    I’ve read that a certain percentage of the monthly income should go to housing. But with these articles/charts I’ve researched they include a lot of things we won’t have (car payments, water bills, cable, high entertainment costs, etc). Please keep in mind we live in a rural area.

    I’m a saver and a bargainer and this is purchase would be a bit extravagant compared to our usual purchases. Unfortunately, it’s also the biggest purchase. This home (including mortgage, taxes, insurance) would take about 40% of our monthly income. On paper (with our normal bills-gas, food, electric, etc) it looks good. But with this being out of our comfort zone it’s hard to take the leap.

    So…what percentage of your monthly income do you spend? Are you comfortable? I know it’s personal but I think it would be easier to hear others stories.

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