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.
Updated February 6, 2012 and originally published February 2, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.