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The Watercooler
Bailout effects
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<blockquote data-quote="SRL" data-source="post: 198962" data-attributes="member: 701"><p>It seems for many years, no one in the industry has been honest to people about what they could afford in terms of mortgage. We bought in 1992, right when the housing market was starting to go nuts and prices in my town started rising rapidly. We had done the math and decided we could afford $400 based on our savings and the fact that we were going to lose one income when we had kids. The real estate agent took our data and announced that we could easily afford payments of $1400 per month.</p><p> </p><p>We stuck to our guns and found a house we could afford on $400/month. We refinanced it down to a 15 year loan so it's $445 now and there's no way we could afford more and still stay afloat on one income.</p></blockquote><p></p>
[QUOTE="SRL, post: 198962, member: 701"] It seems for many years, no one in the industry has been honest to people about what they could afford in terms of mortgage. We bought in 1992, right when the housing market was starting to go nuts and prices in my town started rising rapidly. We had done the math and decided we could afford $400 based on our savings and the fact that we were going to lose one income when we had kids. The real estate agent took our data and announced that we could easily afford payments of $1400 per month. We stuck to our guns and found a house we could afford on $400/month. We refinanced it down to a 15 year loan so it's $445 now and there's no way we could afford more and still stay afloat on one income. [/QUOTE]
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