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Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Question about mortgages
XH took the house that we owned together when we divorced and I am already sick of apartment living. When I start my new job I am going to be on a serious mission of saving for a down payment.
I have used a few mortgage calculators to see ideally what I can afford to look at and they seem to vary a great deal. I always thought a rule of thumb number is 2-3 times your gross salary is what you can afford. The mortgage calculators say a lot less when I do them. What is everyone's thoughts on this?
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Re: Question about mortgages
This. I took a mortgage out for a LOT less than what they "said" I could afford. I didn't want to be house poor.
3/12 5 mi -- 49:22 Pace: 9:52
5/1 Half Marathon -- 2:11:22 Pace: 10:01
5/22 10k -- 56:29 Pace: 9:00
5/24 3.6 -- 29:03 Pace: 8:18
7/10 15k -- 1:44:46 injured Pace: 11:14
10/29 5k -- 28:24 Pace: 9:04
I agree with what AChase said.
Where are you looking to buy? I have a house for you
I work in the mortgage business, and I also know what it feels like to be in over your head in a home. I think it's important that you examine what you feel you can really afford. I see people day in and day out that can "qualify" for a mortgage at X amount, but based on what their earnings and expenses are we know they are going to struggle once you throw in paying for heat, water, cable, etc (things that we don't consider). Plus, I think we all budget and use our disposable income really differently - some people spend $100 a month dining out and entertainment while others spend $1000, same with groceries, etc.
I know most apartments require you make 3x the rent amount -- even that figure makes me feel very stretched financially.
ETA: One last thing. Please think about the cost of maintenance! Especially as a single gal - I'm pretty handy, but there are a lot of home projects and repairs I wouldn't want to do myself.
Have you thought about renting a house?
I've heard the 30-33% rule, but that also factors in the associated living expenses of the home (utilities, electric/gas, etc.). XH and I purchased a home that was half the amount we were approved for, and BF recently took the same route.
If you're going to buy, purchase at the bottom-to-middle of your range. At least, that's what I'm comfortable doing. That decision saved my hiney when XH and I split - I was able to pay half the mortgage and my rent.
I heard of this too and 33% for high cost of living area. Personally, I would feel stretched thin and would do this percentage based on take home pay and not gross pay. So much more money goes into a home than renting outside of basic maintenance costs.
Haha I would be interested if it wasn't like an hour from work.