Refinancing Home Mortgage
In: Mortgage Lending
19 Sep 2010our mortgage is $ 310K. We both work a total salary of $ 110K per year. We do not have much debt …. perhaps a total of $ 7,000. Is this a high mortgage for someone like us? I hear the mortgage debt is OK, but not consumer debt. What do you think?
They both have a big salary. I think that your mortgage should be in order. You can probably get a mortgage for $ 500,000 no problem.
Mortgage debt is acceptable, because you hold something precious, and real estate prices seem to go more than the inflation rate. Consumer debt is bad, because what you think, if you want something worth nothing in a few years at best.
Allow me to illustrate.
New car = $ 30,000
5 years later = $ 15,000
10 years later = $ 5,000
A new $ 300,000 home =
5 years later = $ 360,000
10 years later = $ 500.00
Do not forget to pay your interested. Just buy it, you should be happy with your salary.
This is about mortgage information questions.
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