28 Dec 2023 9:36 am
It's a financial trap way too many people fall in to.ROG62 » 28 Dec 2023, 9:42 am » wrote: ↑ I know, right? I remember back when we were looking and the banks / realtors told us what we qualified for and what the payment would be...I'm thinking, ya, we can afford that, but we won't eat, the house will be cold and no one will have any clothes...
We have all been through the process, get some debt paid down, have some savings, bump your credit report as much as possible, stable jobs, all in an effort to raise how much you qualify for. It's really difficult to explain to someone the long term burden they put on themselves. Then life happens, money gets tight and all the pressure that comes with being in that position.
We have always worked the equation backwards. We are comfortable with a payment of X, how much house can we get. The last time we went through the process in 2014, the bank said we qualified for $650k, we took $350k.
I read an article awhile back stating how many people had buyers remorse over the last 2 years, can't remember the number but it was really high, over 50% I believe.