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Originally Posted by BDBohnzie
the biggest thing when purchasing is to make sure you are not living beyond your means. i know people not making as much as I am getting loan offers for much more than they can afford.
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Great point. Rule of thumb that I often hear is that your monthly payment on mortgage or rent should not exceed 35% of your take-home monthly pay. You can certainly go higher than the 35%, but for most people it starts to become a cash crunch when you get up to the 40% range.
Great to know so many mortgage experts are on this site. I know some about the subject, being a financial type guy, but it's great to know we have so many professional mortgage experts here for advice. I might seek you guys out a few years down the road to check into refinancing options. Thanks!