Finance scenario question

[mnewsham]

banks usually give mortgage at 3x income.

320k - 20% = 256k mortgage.
95k *3 = 285k banks will loan out.

they're absolutely fine.

Just because a bank will loan you the money doesn't mean you should take the money, didn't we learn this just a few years ago?

 

[Texashiker]

Just because a bank will loan you the money doesn't mean you should take the money, didn't we learn this just a few years ago?

Most people have long term memory lose.

 

[Tweak155]

Its not how much you make, its how much you spend.

I have seen people living in $500k houses that were unable to pay their $30 internet bill. I used to work for a cable modem provider in a community in Houston called Kingwood.

This makes sense to me. I keep to the rule that if you can't handle your money at $30k a year, you can't handle it at $300k/yr.

 

[SlitheryDee]

Nah, that's not so bad. Pretty good down payment and very little in other debt. The note should be manageable.