Just saw the House I want to Buy
Jack_Dawson
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Sun Jun-26-05 09:06 PM
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Just saw the House I want to Buy
Problem is, it's $1.4M. Ahhh...San Diego. Selling my condo might net me $200,000. Does anyone know how much I need to make to finance a $1.2M loan? JD
Spinzonner
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Sun Jun-26-05 09:08 PM
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1. Well, you could provide your first-born as security ...
rwenos
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Sun Jun-26-05 09:13 PM
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2. Probably about $250,000/Yr Before Taxes?
Or, if you don't have that, your mortgage broker will ask you -- "Well, don't you have family who can give you money?" Being on the wrong side of the housing divide in SoCal SUCKS.
Jack_Dawson
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Sun Jun-26-05 09:15 PM
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4. I think I'm on the right side of the divide...
but this would be a little in-over-my-head if you know what I'm sayin'. But from what I understand, the market has returned to "normal" which means houses are actually staying on the market for more than a couple hours.
Gyre
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Sun Jun-26-05 09:14 PM
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3. THAT is a great video clip!
Jack_Dawson
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Sun Jun-26-05 09:16 PM
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I generally get positive reviews of my video clip. :hi:
Nederland
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Sun Jun-26-05 09:16 PM
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6. Assuming lots of things
...like no other debt, 20% down payment, etc.--you'd need to be making around 220k a year. btw, that's an interest only loan at 6%.
GiovanniC
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Sun Jun-26-05 09:26 PM
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Droopy
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Sun Jun-26-05 09:16 PM
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7. I think that conventional wisdom says
that you should not borrow more for your mortgage than 2 times your annual income. So you would need to be making about $600,000 a year to afford that house.
Jack_Dawson
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Sun Jun-26-05 09:18 PM
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C'mon now. Nobody gets ahead being THAT conservative. I hear what you're sayin tho...
Droopy
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Sun Jun-26-05 09:25 PM
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12. At 6% interest and 30 year fixed mortgage for 1.2 million
Edited on Sun Jun-26-05 09:27 PM by Droopy
Your monthly house payment would be just under $7200.
Jack_Dawson
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Sun Jun-26-05 09:28 PM
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15. Does that include taxes?
Droopy
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Sun Jun-26-05 09:29 PM
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16. Nope. Just principle and interest.
Jack_Dawson
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Sun Jun-26-05 09:31 PM
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Well...maybe I'll make a lowball offer and hope for the best. Someone already tried that at $1M and they didn't respond. Maybe $1.2M? Anyway...just thinking out loud. Thanks for doing the math.
Catchawave
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Sun Jun-26-05 09:18 PM
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9. Look into interest free loans.....
with a 200k downpayment, and if you have a pretty good job, you might just get that loan. Ahhh, I remember San Diego....good luck !
Jack_Dawson
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Sun Jun-26-05 09:20 PM
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Catchawave
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Sun Jun-26-05 09:38 PM
Response to Reply #10
21. Virginia/Florida......
...you can get twice the mortgage for interest free financing in high appreciating areas, which I'm sure San Diego is too! Talk to a mortgage company that you can trust.
Mayberry Machiavelli
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Sun Jun-26-05 09:24 PM
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11. Has anything changed in your personal circumstances to make you able
to afford a home that's like 2 or 3 times what your condo is worth? Assuming that is the ratio...
Jack_Dawson
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Sun Jun-26-05 09:27 PM
Response to Reply #11
50% pay increase. Nice, but $1.4M is probably way over my head still. Maybe I'm just dreaming, but I love the digs. OMG.
supernova
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Sun Jun-26-05 09:31 PM
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18. Standard is 4x salary now
so whatever 4x your presnt salary now is the best case scenario of the size house you can afford.
Jack_Dawson
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Sun Jun-26-05 09:31 PM
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19. Looks like I'm moving to Omaha n/t
Renew Deal
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Sun Jun-26-05 09:31 PM
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20. I had the same problem today.
Saw a house listed for 1.2mill that I loved. It would be almost $5000 a month after taxes, down payment, etc.
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