Quote:
Originally posted by EscortBiz
here is something to remember:
The reason why there are so many forclousures is because people dont think straight, for example:
Someone starts a business or gets a good job and they make 120K a year, they go out and spend money on a nice car and house without considering that maybe its not stable.
Stability is more important then anything, can you really say that the amount of money you made this year will be something you will earn for the next 15 years or so?
Do you have income from more then one place so if one goes away there is another income that will help you pay for the house?
On a smaller scale this explains the huge number of Repo's there are a day.
Ever meet a friend that tells ya "OMG I just got a great job at AT&T" and then 2 weeks later hes like "Hey where can I buy a nice lexus"
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Exactly, that's why I like a huge safety net. Enough money to cover mortgage without hassles and wondering where I'm going to get the money to pay it.
If this is going to be THE home, your pride and joy, I'd put as much down as possible, so that the amount left is quite small. That way you won't be paying thru the nose each month.
And it really depends on if you think you'll be making the kind of money you do now, 1,5, 10 years from now. If you won't, then their will come a time when you're worrying about making payments and the house might go byebye