I’ve been eyeing a dream (as far as dreams go in VHCOL) home for a few weeks. With the run up in tech stocks and a raise + promo on the horizon, I’m wondering if I’m crazy to push forward with it. The price is listed at 1.6M but my buyers agent says we’d probably have a competitive offer at 1.55M in convo with the seller’s agent. I’m getting a 5.85% APR via schwab / rocket mortgage with a relationship discount. TC: 550k Base: 215k NW: 1.4M Household TC: 730k + 200k paper money Household Base: 400k Household NW: 1.8M + 400k paper money Age: 29 (partner is 27) Should we be more conservative?
Your net worth is 1.4 million. Of course you can afford the house.
If people can do math, we wouldn’t need financial advisors.
Should go for 3 mil house instead
This
Ez to afford.
I would pull the trigger and then pray to the refi gods.
Refinancing is gonna take closing costs. Also no one knows when or if rates will drop.
i have never paid closing cost in refinance
Should be able to with 40-50% down, your monthly would be as comfortable as renting
You can probably afford a 3M house
Here is what I would do. Have at least 30% down payment. Have some cash in bank for repairs and emergencies. Have at least 1 year of mortgage, tax and utilities in payments in the bank. This way, you have at least a year of worry free time to find something in case anything happens. You don't want to be in a situation where you're a paycheck away from being wiped out.
You can afford 2 of those
I think this person is trolling us peasants
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You can easily afford.