Comments on: Why you shouldn’t trust home mortgage lenders and mortgage calculators – A better way to calculate how much mortgage you can afford

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By: http://www.gettingfinancesdone.com/blog/archives/2007/05/why-you-shouldnt-trust-home-mortgage-lenders-and-mortgage-calculators-a-better-way-to-calculate-how-much-mortgage-you-can-afford/

Wed, 02 Apr 2008 12:24:46 +0000

[...] http://www.gettingfinancesdone.com/blog/archives/2007/05/why-you-shouldnt-trust-home-mortgage-lenders-and-mortgage-calculators-a-better-way-to-calculate-how-much-mortgage-you-can-afford/ [...]

By: mortgage quote

mortgage quote — Sat, 24 Nov 2007 00:31:46 +0000

There is no reason to think a mortgage lender is always out the scam you or get you to become their customer. How would you feel lending out your money without adjusting for the risks involved?

So trusting your lenders over your bank is a good idea.

Visit: http://www.justwantaquote.com for fast free mortgage quotes online.

By: home-mortgage » Blog Archive » American Home Mortgage Implodes

home-mortgage » Blog Archive » American Home Mortgage Implodes — Sun, 26 Aug 2007 12:12:06 +0000

[...] Don’t believe what home mortgage lenders tell you that you can afford. Our original mortgage payment (we’ve since paid our mortgage down about $20000) as a percentage of our gross income is only 24%. By the bank’s definition we could … …more [...]

By: Getting Finances Done » Financial Peace University Part 5 - Tips on buying and selling real estate

Thu, 23 Aug 2007 05:43:18 +0000

[...] Don’t take out a mortgage for more than 25% of take-home pay (e.g. after taxes, 401k, etc.) – Dave recommends putting down as much as you can on your house. His suggestion to take out a mortgage for no more than 25% of your take-home pay is radical but would save people endless financial headaches if followed. See my earlier post about calculating how much of a mortgage you can afford. [...]

By: Why you shouldn’t trust home mortgage lenders and mortgage … by loan.ZapiZapi.com

Mon, 30 Jul 2007 01:04:41 +0000

[...] Posted by as Uncategorized Don’t believe what home mortgage lenders tell you that you can afford. Our original mortgage payment (we’ve since paid our mortgage down about $20000) as a percentage of our gross income is only 24%. By the bank’s definition we could … article continues at sjpeer brought to you by loan and insurance [...]

By: Craig

Craig — Sun, 24 Jun 2007 22:55:42 +0000

As someone with a painful mortgage payment, this is good advice to listen to.

I would just add this: remember how location can change other costs, too – for example:

° a more expensive house closer to work may (partially) pay for itself;

° a house in a more expensive neighborhood may (partially) pay for itself in lower auto insurance rates.

By: Emily

Emily — Sun, 10 Jun 2007 15:04:49 +0000

While I understand the point of this article is to protect people from getting a loan that they can’t afford, I’m currently in the process of buying a home, and there our good, honest mortgage loan lenders out there. In fact, as I was reading this article, it sounded ver batem of what my mortgage lender told me when I first met with him.
To find a good, honest lendeer, I know some towns have registries of Christian businesses and that would be a great place to start.

By: More boring stuff from the Net :|»Boringest :| - Moolah!!!

More boring stuff from the Net :|»Boringest :| - Moolah!!! — Sat, 09 Jun 2007 14:14:10 +0000

[...] Getting Finances Done » Why you shouldn’t trust home mortgage lenders and mortgage calculators – A better way to calculate how much mortgage you can afford The size of your mortgage can literally make the difference between financial happiness and financial misery. The term “house poor” means that you have such a high mortgage payment, you can hardly afford your living expenses let alone anything purely (tags: money mortgage) [...]

By: links for 2007-06-08 ∞ Get Rich Slowly

links for 2007-06-08 ∞ Get Rich Slowly — Fri, 08 Jun 2007 08:01:25 +0000

[...] >> Getting Finances Done: Why you shouldn’t trust home mortgage lenders and mortgage calculators << “Banks will tell you that you can afford up to 41% of your gross income as debt (sometimes referred to as the front-end ratio) — If you earn $3,000 a month, you can afford to have $1,230 in debt. But trusting this advice is a big mistake. First of all, banks are self-interested. Taking on debt that’s 41% of your income is what the bank feels comfortable lending you, not what you really can afford. Borrowing the full amount that the bank is willing to lend is a sure way to get in over your head.” [...]