Monthly Mortgage Payment

[HEROO]

1 hour ago, Sonu_Patel said:

Callling financial experts, Average ga oka 800K plus home ki mortgage payment average $5.5k per month ostundi.. 

our monthly take home net is $10k after all 401k, health insurance,  other deductions .. blah blah

What do you suggest ? 

For example if any one in family gets laid off, in that case net amount will be less. how are people able to make these financial decisions. 

Put down 20% and have savings around 60k then go for it or else wait to avoid financial stress during recession

[Ravi860]

3 minutes ago, HEROO said:

Put down 20% and have savings around 60k then go for it or else wait to avoid financial stress during recession

So basically 220k total savings unte thappa.. home buying ki NO anena 😯. Does desi folks buying homes really have that much savings? 

[HEROO]

2 minutes ago, Ravi860 said:

So basically 220k total savings unte thappa.. home buying ki NO anena 😯. Does desi folks buying homes really have that much savings? 

Lekane sagam mandi 2 job pogaane financial stress ki guri avuthunaru just shared exp from my friends in these tough times … for now townhome less price di koni future lo konochu inkoti SF

[Aquaman]

me responses chusi sonu patel dhadchukoni ,  dallas nunchi Alabama velle la unnadu

[Ravi860]

2 minutes ago, HEROO said:

Lekane sagam mandi 2 job pogaane financial stress ki guri avuthunaru just shared exp from my friends in these tough times 

first of all don’t think 20% needed for down payment.. PMI samarpinchukovali but I agree on savings part… 

[akkum_bakkum]

2 minutes ago, Ravi860 said:

So basically 220k total savings unte thappa.. home buying ki NO anena 😯. Does desi folks buying homes really have that much savings? 

Ippudem telidu....Ikkadevadu 2008 chudaledu, so maakemundi anukuntunnaru. 2008 lo quarter magnitude tho vachina first fly ayyedi aa FOMO batch aee... Dont just think about others, you know what you can afford. Only think of that, and nothing else matters. These ppl who encourage you to buy home despite the push will not be the ones who pay ur bills.

[Aquaman]

2 minutes ago, Ravi860 said:

So basically 220k total savings unte thappa.. home buying ki NO anena 😯. Does desi folks buying homes really have that much savings? 

Putting 20% will make your monthly payments bit lower nro , avoids PMI .It is no necessary , now a days PMI became bit low. No need to wait until you save 20% , try to go for afforable home for first time and then upgrade later.

Mental peace with less stress is always important .

Don't compare with others and buy only what one can afford.

Stretch chesukoni buy chesina, financial stress tho you cannot enjoy new home &  life .

[Ravi860]

Just now, akkum_bakkum said:

Ippudem telidu....Ikkadevadu 2008 chudaledu, so maakemundi anukuntunnaru. 2008 lo quarter magnitude tho vachina first fly ayyedi aa FOMO batch aee... Dont just think about others, you know what you can afford. Only think of that, and nothing else matters. These ppl who encourage you to buy home despite the push will not be the ones who pay ur bills.

I am not saying anyone to buy.. just analyzing how everyone is buying 700-800k plus homes just like that.. which is beyond 

[Pahelwan2]

Job pothe appudu chuskundam bro mundu house koney. 401k undi antunav worst case you can take loan from 401k and pay it off after you get job. 

[Aquaman]

2 minutes ago, Ravi860 said:

I am not saying anyone to buy.. just analyzing how everyone is buying 700-800k plus homes just like that.. which is beyond 

Mostly FOMO , comparing with others.

[Ravi860]

3 minutes ago, Aquaman said:

Putting 20% will make your monthly payments bit lower nro , avoids PMI .It is no necessary , now a days PMI became bit low. No need to wait until you save 20% , try to go for afforable home for first time and then upgrade later.

Mental peace with less stress is always important .

Don't compare with others and buy only what one can afford.

Stretch chesukoni buy chesina, financial stress tho you cannot enjoy new home &  life .

Also how lenders are approving loans by looking individual finances if it is too stretched?? 

[HEROO]

1 minute ago, Ravi860 said:

I am not saying anyone to buy.. just analyzing how everyone is buying 700-800k plus homes just like that.. which is beyond 

Itlane house lo 2 jobs monthly paisal ekkuva kanipisthay kontaru malla okari job pogane labo dibo mani stress ekkuvai edustharu

 

life long mortgage pay cheyyadam anedi not a good idea i think unless you do some other businesses so its better to buy a home affordable and where you can clear loan atleast in 10-15 yrs

[Aquaman]

2 minutes ago, Ravi860 said:

Also how they are approving loans by looking individual finances if it is too stretched?? 

Affordability vs. Qualification

Just because you are approved for a huge mortgage doesn’t mean it’s the right choice

Remember,  Lender is trying to business here, they are not our friend . 

[FrustratedVuncle]

2 hours ago, Sonu_Patel said:

Callling financial experts, Average ga oka 800K plus home ki mortgage payment average $5.5k per month ostundi.. 

our monthly take home net is $10k after all 401k, health insurance,  other deductions .. blah blah

What do you suggest ? 

For example if any one in family gets laid off, in that case net amount will be less. how are people able to make these financial decisions. 

12months backup pettuko EMI+ Car EMI + GAS + Food + Utilities + MISC. Job pothe 1yr lo techukovali. both have to work at least 15yrs non stop

[VeeragandhamVaampire]

2 hours ago, Sonu_Patel said:

Callling financial experts, Average ga oka 800K plus home ki mortgage payment average $5.5k per month ostundi.. 

our monthly take home net is $10k after all 401k, health insurance,  other deductions .. blah blah

What do you suggest ? 

For example if any one in family gets laid off, in that case net amount will be less. how are people able to make these financial decisions. 

Who making 10K with family working these days ?? Individual net pay is more than 10K, everyone salary is minimum 180K in current market and with wife easy 20K net(excluding taxes, 401, insurance etc ) without any doubt