The process of buying a house can be stressful indeed. Getting pre-qualified, house hunting, bidding, and then closing escrow. But it should also be fun and exciting. To own your first home. To decorate it and make it your own, where are you happy to come home to. What are the qualities of a house that I am looking for? separation of rooms, large backyard that I can look out, peaceful and safe neighborhood, underneath and warmth of home heating, large closet space, good size bathrooms, modern rooms, age and built of the house. I must buy a livable house, one that does not need major overhaul.
How much do I qualify for? 600K
For every 200K i borrow at 6% interest for 30 year fixed loan I would owe 1K per month. How much monthly mortgage can I handle, plus utility, insurance, and taxes? 2K or so.
My debt to salary ratio must be low, therefore I must pay off all my debt.
When I buy a home at low interest rate, my quality of life should not suffer. Travels, clothes, eating out.
Wednesday, March 29, 2006
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