Tas

I'm a:	Home Buyer
Location:	Madison

2 Answers
8 Useful Answers

Report this profile

My Q&A View all >>

Tas's Questions (1)

Tas's Answers (2)

Do you think it is possible to get a $50,000 mortgage loan on a $20,000/yr income?

Asked Sat Jul 19 2008, 23:49 by Buyer - 46544 - Home Buying - 7 answers

Tas answered:

The conventional wisdom is your house should be about 2.5 times your yearly income (so, in your example $45K). If you can put 10% (at least) down on your house, you should be precisely where most people are when they buy a house. Your lack of debt puts you in a better position. Good luck! - Mon Jul 21 2008, 05:55

Why are so many people waiting to purchase homes when the selection is good, the prices, cheap interest rates?

Asked Tue Jun 3 2008, 16:44 by Mark Hilgenb… - 54311 - General Area - 19 answers

Tas answered:

Fascinated by the divergence of opinions between realtors and buyers in general, but more specifically in response to this question. Suggests that the realtor's question is the wrong one to ask. I'd proffer instead: are the prices really good? are buyers getting those cheap interest rates? are sellers asking too much? does the overall economy justify buying a house if you're having to stretch financially to do so?

In short, while realtors seem to think that things are rosy, buyers are focused on larger economic issues which signal trouble if they are not fully prepared; rather than rushing in and buying at all costs, they are waiting to insure their financial stability. A house shouldn't be bought because it's a deal or borrowing is cheap. It should be, however, a decision that is reflected by the individual's own financial well-being, something that I think many are struggling to maintain. Hence, the higher inventory. - Sat Jun 7 2008, 07:01

View all Tas's Questions & Answers >>

RSS