Hi everyone. Me and my wife, together, earn approximately 130000 a year. currently we own a bungalow in a chicago valued at around 370,000 dollars. last year (november) we purchased a broken down home in the best neighborhood for 389000 and decided to renovate. the total renovation is finished and cost us 350,000. all together we spent 760,000 dollars. when we sell our old home (in the next 2 monthes) and move in to our new home, will it be challenging to finance our home.
NOTE: were not gonna have any other expenses besides the home.
ps; the only reason i posted it here is because a lot of people visit this part.
2006-08-13 10:03:16 · 4 answers · asked by legendaryfrog 3 in Pregnancy & Parenting ➔ Pregnancy
So after all that financing you ask the question on Yahoo Answers to mostly 10 year kids?
Banks will finance you to about 5X salary. So add up the money you have and that is how much you can afford.
2006-08-13 10:08:45 · answer #1 · answered by Bill 6 · 0⤊ 0⤋
If you dont sell your home right away, it will be very challenging for you. If you sell your home, the challenging part will depend on how much you have put down, or how much equity you have. If you are conservative about spending, you should be able to afford about $1500 a month excl. taxes on your mortgage. This is a guesstimate - see your financial advisor for financial advice.
2006-08-13 17:08:06 · answer #2 · answered by DMBthatsme 5 · 0⤊ 0⤋
get a nice affordable house even if it means moving out of the country do wats best for the baby and dog
2006-08-13 17:08:01 · answer #3 · answered by xxfrog l 1 · 0⤊ 0⤋
AND THIS IS A PREG QUESTION...HOW?
2006-08-13 17:08:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋