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Don’t Buy More Home Than You Can Afford

This article was written by in Real Estate and Home. 1 comment.

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.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 1 comment }

avatar Stephen

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.