Perfect house for 1.3 Milliom
Would you buy a 1.3 million house in bellevue downtown with 200k base income, 10% down and 6300 monthly mortgage payments
Nope
Family situation? Def not if you are single.
Money is getting to your head. If you really want a house this expensive, save up and put 50% down. At 10% down, those monthly payments will eat you alive.
What about prop taxes?
Probably high since the state doesn’t tax income.
So like another $1500 on top of the monthly mortgage. In total close to 8K a month dude.
Don’t you know there’s always an even more perfect house for only 1.8M?
How will you pay with 200k ?
Max should be 4 times your annual income (with current interest rates).
Would be better to put 20% down but if you have no other debt and can bring down other expenses this isn’t the worst thing. You’ll likely be happier in something you can make a larger down payment on though
Let us know what bank approves that mortgage so we can avoid it like the plague
Since originators typically (eg >95% of the time) sell the mortgage debt to another financial institution, it doesn’t really matter.
The economy has already crashed once because of this. It’s a better idea to get pre-approved to better understand your budget and not fall in love with a house you can’t afford
Absolutely not https://www.nbc.com/saturday-night-live/video/dont-buy-stuff/n12020
Why not?
OP shouldn’t even have been looking at a $1.3mil home. A $6300 a month mortgage is going to be tight.