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The Watercooler
So unbelievably $%#*&^@!{+#$!!!!!
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<blockquote data-quote="DammitJanet" data-source="post: 445255" data-attributes="member: 1514"><p>I have a problem that I dont understand and maybe someone can explain it to me. Maybe I am missing some gene somewhere or maybe I was just raised by parents born in the depression and they scared me to death...dont know. I am shocked to death at some of the prices of houses these days and the mortgages and house payments people are willing to make each month. Seriously. I mean how can someone pay more than one weeks pay for a mortgage? Really? That was what I was always taught was the guide. Your housing expenses should equal no more than one week and preferably less. </p><p></p><p>I dont get second mortgages at all. Seems like a set up to fail miserably. </p><p></p><p>My parents didnt like debt at all and they brought me up not to like debt. Probably why I never had much in the way of credit. I just used cash. Now my father had excellent credit because he had an american express card and he paid it off every month and both my parents did have a master charge years ago and then later then got separate cards after the divorce...but again...paid off in full every month. </p><p></p><p>I have no idea if me buying a house for cash gave me credit or not. No clue. I would think buying my car on time did. Thats the first thing in my life I have ever bought through a credit company. But I didnt do a 60 month loan like they wanted, I did a 4 year. </p><p></p><p>But Jamie bought a townhouse for almost 140K and his house payment is close to 1k a month. That is almost half is regular paycheck without overtime. With the housing market, the price has bottomed out and he is upside down on the loan. He couldnt sell that house. I begged him not to buy when he did but he didnt listen to me. What do I know? LOL.</p></blockquote><p></p>
[QUOTE="DammitJanet, post: 445255, member: 1514"] I have a problem that I dont understand and maybe someone can explain it to me. Maybe I am missing some gene somewhere or maybe I was just raised by parents born in the depression and they scared me to death...dont know. I am shocked to death at some of the prices of houses these days and the mortgages and house payments people are willing to make each month. Seriously. I mean how can someone pay more than one weeks pay for a mortgage? Really? That was what I was always taught was the guide. Your housing expenses should equal no more than one week and preferably less. I dont get second mortgages at all. Seems like a set up to fail miserably. My parents didnt like debt at all and they brought me up not to like debt. Probably why I never had much in the way of credit. I just used cash. Now my father had excellent credit because he had an american express card and he paid it off every month and both my parents did have a master charge years ago and then later then got separate cards after the divorce...but again...paid off in full every month. I have no idea if me buying a house for cash gave me credit or not. No clue. I would think buying my car on time did. Thats the first thing in my life I have ever bought through a credit company. But I didnt do a 60 month loan like they wanted, I did a 4 year. But Jamie bought a townhouse for almost 140K and his house payment is close to 1k a month. That is almost half is regular paycheck without overtime. With the housing market, the price has bottomed out and he is upside down on the loan. He couldnt sell that house. I begged him not to buy when he did but he didnt listen to me. What do I know? LOL. [/QUOTE]
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