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SPinoff to reasonable mortgage Q
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amber1
LIF Infant
Member since 4/06 190 total posts
Name:
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SPinoff to reasonable mortgage Q
If things will be tight for 2-3 years after you buy a home until salaries increase, what would you say is a good safe cushion in the bank to keep? Also, for those who have mortgages and insurance under $3000, where did you buy?? Anyone else bought a home recently or currently looking and finding it extremely hard to find anything in a good school district for under $3000 a month??
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Posted 8/24/09 8:53 PM  |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: SPinoff to reasonable mortgage Q
We just bought in Mass Pk in Feb, we have a 1800 sqt ft split in good condition. We had 20% down though so our taxes mtge ins is 2800
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| Posted 8/24/09 9:04 PM |
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MrsGmomof3
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Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: SPinoff to reasonable mortgage Q
Posted by amber1
If things will be tight for 2-3 years after you buy a home until salaries increase, what would you say is a good safe cushion in the bank to keep? Also, for those who have mortgages and insurance under $3000, where did you buy?? Anyone else bought a home recently or currently looking and finding it extremely hard to find anything in a good school district for under $3000 a month??
You should have at LEAST 6 months of living expenses (including mortgage payments) in the bank, so roughly $20,000 is a safe cushion amount.
Our mortgage and insurance is $2200, but we bought our home 6 years ago. However, I know of a few homes in my area that are for sale for the low $300's, and that comes out to less than $3000 a month if you are putting down a decent down payment.
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| Posted 8/24/09 9:05 PM |
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