2007-10-28 12:03:03 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It depends on where you want to live and what you consider decent.
Ask friends and family members for a good mortgage lender in your area. (No internet lenders please) Go over your finances and figure out what you can comfortably afford.
What you can get qualified for and what you can afford are probably two different things, so know your budget.
SAVE for a downpayment.
While everyone is in love, get a legally binding document about what happens to the house if you break up, get married or something tragic happens to either one of you while you are not married. This will save you tons of money and aggravation down the road.
See, that wasn't a stupid question at all!
2007-10-28 18:00:48 · answer #1 · answered by godged 7 · 0⤊ 0⤋
First, do not buy a house together till after you are legally married. Websites are filled with sad stories of people stuck on a mortgage with a former fiance.
Check around your area to see what "decent" houses are selling for. Even within your local area there are probably big price differences in one neighborhood and another.
2007-10-28 12:47:58 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
That depends entirely upon where you live! If you're in the LA basin you probably need a combined income well in excess of $125k to get anything decent. If you're in a small Midwest town like Joplin, MO, you could get a decent place with less than $30k in combined income.
2007-10-28 12:13:36 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
First, check your credit ratings. The better your credit, the lower interest rate you will pay, and the lower your payments. You can then go online and find a payment calculator. Many banks and larger real estate companies have them on their websites. You can either put in the price of the house to find the amount of the payments, or your income to find out what kind of payment you can afford, or both.
2007-10-28 12:15:43 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
Figure 10% down at LEAST (aim for 20-30%) and then 30% of your combined gross income for the mortgage. If you go for any more than that on mortgage you will have trouble making the payments.
2007-10-29 08:14:32 · answer #5 · answered by VAgirl 5 · 0⤊ 0⤋
Stupid answer! You and your fiance need to quantify the term "decent".
..ever notice how similar the words finance and fiance are?
2007-10-28 12:12:00 · answer #6 · answered by Toilet Finger! 2 · 0⤊ 0⤋
look at the classifieds in your local paper for people that want to sale their home to someone to take over payments just to get their debt of their shoulders, be sure your credit is in good shape then work with their mortgage co. to see if you can renegotiate the loan they had. don't be afraid the mortage will work with you they don't won't to lose
2007-10-28 14:15:57 · answer #7 · answered by APF 2 · 0⤊ 0⤋
location x 3 = decent?
too many variables. try agin.
NOTE do not buy until u are married one yr at least. u'd be amazed what happens the first yr.
2007-10-28 12:14:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It all depends on where you live.
If you live in an urban area, somewhere in the range of 600,000 and 900,000.
If you live in the suburbs 300,000 to 600,000.
It also depends on what state you live in.
2007-10-28 12:10:51 · answer #9 · answered by Anonymous · 0⤊ 2⤋
About 250, 000 or 300,00
2007-10-28 12:11:18 · answer #10 · answered by Gabe 2 · 0⤊ 2⤋