2007-02-03 11:05:11 · 12 answers · asked by haribol2003 1 in Business & Finance ➔ Personal Finance
it all depends upon your spening habits..and how many credit cards, other loans you have..
but, i say in general of course...go for it!!!
better to own your own home...and owe the mortgage company. than rent, and have a handful of receipts at the end of the year...
2007-02-03 11:14:08 · answer #1 · answered by Winters child 6 · 0⤊ 0⤋
It depends on what you have for a down payment, what other expenses you have, and your credit rating.
If you have $50,000 plus closing costs to put down, and get a 6% loan for 30 years, then your mortgage payments would total about $14,400 a year, plus taxes and insurance so probably closer to $18,000 or $20,000.
Talk to a realtor to get an idea of what you can afford, or ask a bank to pre-qualify you for a mortgage - the bank could give you an idea of what they'd approve.
Good luck.
2007-02-03 11:14:14 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
The rule of thumb is 2 1/2 times your annual income.
2007-02-03 11:15:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on:
1) Is $50,000 your household income? How many people do you have to support
2) How many debt you have currently
3) Your other expense
4) Your credit score. (interest rate u are able to get)
5) How much you are going to put on your downpayment
2007-02-03 19:42:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, but if you don't need a house right now (no dependents to house) you should wait till the is a slump in the real estate market.
2007-02-03 11:17:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on how much you have as a down payment. The bigger the loan, the higher the payment.
I wouldn't even consider a monthly payment of more than a third of my monthly income.
2007-02-03 11:15:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yeah, but funds will be tight. You have to include your other bills as well. Your payments will roughly be 1400 -1800 per month (and that's just principle and interest). This doesn't include property taxes and insurance.
2007-02-03 11:14:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Do you have other debts? If you do, pay those off first.
The other rule of thumb is that you shouldn't pay more than 25% of your monthly take home pay for housing.
2007-02-03 12:19:52 · answer #8 · answered by Jen G 5 · 0⤊ 0⤋
Contact Suze Orman for advice; she has a weekly program on CNBC that covers that very topic.
2007-02-03 16:51:09 · answer #9 · answered by CA Bravo 3 · 0⤊ 0⤋
You are going to stretch your self too thin unless you have a huge downpayment.
2007-02-03 11:14:44 · answer #10 · answered by nlitend1 2 · 0⤊ 0⤋