3 ms·
Living in the US, I can't imagine taking out the maximum mortgage that I theoretically qualify for. (without having done it, I think I don't like the idea of 1
by maxerickson 4y ago
Living in the US, I can't imagine taking out the maximum mortgage that I theoretically qualify for.
(without having done it, I think I don't like the idea of 1/2!)
- denimnerd42 4y agoIt’s pretty easy to take out the maximum if you’re trying to buy a home without contingency on selling your previous one. Since only the monthly payments really matter towards qualification you could be 90% paid off on your first mortgage and still need to work around the DTI limit for your second. When you sell your first everything becomes comfortable again.
- maxerickson 4y agoRight, I wasn't saying "I can't imagine a scenario where taking out the maximum would be an acceptable short term decision", I was saying "I can't imagine buying a house with the plan to make the maximum payments I qualify for over the long term".