Comments on: How Do I Know How Much I Can Afford for a House? http://wealthpilgrim.com/how-much-can-i-afford-for-a-house-a-checklist/ WealthPilgrim.com -No Money Worries. No Matter What. Tue, 22 May 2012 13:10:32 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Marlo Shaw http://wealthpilgrim.com/how-much-can-i-afford-for-a-house-a-checklist/#comment-5786 Marlo Shaw Wed, 07 Jul 2010 04:38:44 +0000 http://wealthpilgrim.com/?p=15159#comment-5786 I am hoping to buy a home two states to the east away from Iowa. I already have a mortgage which is just about paid off. I haven't ever (bought) a house the traditional way and now the house myself and my kids are in is in a town too close to problems. My credit is fair but I need to know if I stand even a chance of getting another mortgage in a different state with fair credit. I have fought for the last two years to clean up my credit. Staying in the house i'm in IS NOT good for my kids or myself we need help can anyone suggest anything?? I am hoping to buy a home two states to the east away from Iowa. I already have a mortgage which is just about paid off. I haven’t ever (bought) a house the traditional way and now the house myself and my kids are in is in a town too close to problems. My credit is fair but I need to know if I stand even a chance of getting another mortgage in a different state with fair credit. I have fought for the last two years to clean up my credit. Staying in the house i’m in IS NOT good for my kids or myself we need help can anyone suggest anything??

]]> By: Car Negotiation Coach http://wealthpilgrim.com/how-much-can-i-afford-for-a-house-a-checklist/#comment-5758 Car Negotiation Coach Tue, 06 Jul 2010 04:29:00 +0000 http://wealthpilgrim.com/?p=15159#comment-5758 Hey Neal, On a related budgeting question....I'm curious, what's your rule of thumb for how much you can afford for a car? Hey Neal, On a related budgeting question….I’m curious, what’s your rule of thumb for how much you can afford for a car?

]]> By: JoeTaxpayer http://wealthpilgrim.com/how-much-can-i-afford-for-a-house-a-checklist/#comment-5630 JoeTaxpayer Tue, 29 Jun 2010 21:56:01 +0000 http://wealthpilgrim.com/?p=15159#comment-5630 Four Times one's income? Hmmm. That implies the median income family can afford $200K home, much higher than median. I'm becoming a believer in 2.5-3X. And that one should take the 15 yr mortgage. They are building equity faster than a 30 yr, and if after a time, really need a larger home, will be better positioned. I think your story of the friend buying a 5000sq ft house is all too common. People buy houses and find there are rooms they never use. Unless you entertain frequently, the formal dining room is wasted space. Four Times one’s income? Hmmm. That implies the median income family can afford $200K home, much higher than median.
I’m becoming a believer in 2.5-3X. And that one should take the 15 yr mortgage. They are building equity faster than a 30 yr, and if after a time, really need a larger home, will be better positioned.
I think your story of the friend buying a 5000sq ft house is all too common. People buy houses and find there are rooms they never use. Unless you entertain frequently, the formal dining room is wasted space.

]]> By: R S http://wealthpilgrim.com/how-much-can-i-afford-for-a-house-a-checklist/#comment-5625 R S Tue, 29 Jun 2010 16:49:48 +0000 http://wealthpilgrim.com/?p=15159#comment-5625 Hey now, don't knock the beanbags! A "bean" bag was my first furniture purchase after I bought, and at $300, that was no cheap bag. Who says that you have to buy the traditional sofa, love seat, etc? Hey now, don’t knock the beanbags!
A “bean” bag was my first furniture purchase after I bought, and at $300, that was no cheap bag. Who says that you have to buy the traditional sofa, love seat, etc?

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/how-much-can-i-afford-for-a-house-a-checklist/#comment-5627 Neal@Wealth Pilgrim Tue, 29 Jun 2010 16:44:27 +0000 http://wealthpilgrim.com/?p=15159#comment-5627 RS....fair enough. I won't make that mistake again....sorry. :) RS….fair enough.

I won’t make that mistake again….sorry. :)

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