I’m about to leave my office, so I’ll have to add to this entry later. Here’s an article from MSN Money that touches on the topic of biting off more than is chewable; that is, buying a home more expensive than what you can afford. “Traditional” calculators and advice from mortgage lenders will lead people on the road to ruin. Perhaps.
The story offers adaptations of forumlas used by lenders to determine how much you should be given. I’ll come back to this article later if I have some time tonight.
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10:58 pm (reply)
Well, for everyone I’ve known (in California), the people that bought under their means end up having regrets, and the people buying above their means end up much better off in the long run. Of course, things may change, but it’s been the rule forever here.