Are ARMS that bad?

[jcrsmom]

Nice  We went to see a house yesterday that looked like the perfect house but it was above what we were pre-approved for.  Thank god I didn't fall in love with it  

[mtrsprt]

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@jcrsmom wrote:

Nice  We went to see a house yesterday that looked like the perfect house but it was above what we were pre-approved for.  Thank god I didn't fall in love with it  

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My advice....  Purchase much lower than what your pre-approved for.  Set a purchase price/monthly payment, that YOU feel comfortable with, and leaves you with a good chunk of money at the end of the month.   Yes, having a dream house is cool and all, but it's still just a house.  There's plenty of other things in life to spend your time/money on, without paying out huge mortage payments.

We wanted to stay under $160,000.00,  bank said we can get you $230,000.00 based on your combined income/debt ratio.  We simply said we don't need it, but thanks.  

[jcrsmom]

Thanks for the advice.   The amount we got approved for we can pay and stil put money in savings.  Unfortunatey, houses here are expensive and if we go lower than what we were approved for, we'd be living in a dump

[navistar]

my problem as well jc. 

[jcrsmom]

We don't mind doing updating but some are just downright awful.    The one we are looking at needs to be updated, an old couple lived there.  Plus it will need new windows for sure.  It drives me crazy when I watch HGTV and see peope by beautiful houses for a fraction of my cost. ahhhh

[navistar]

i dont want to update much and i definietly  want some a littler newer with a solid frame because i dont plan on ever moving again and my family is young. I was born and raised in rural TN where $150k would buy you a beautiful and large home even closer to the city. In Denver, CO that same amount will get you a shack with blood splatter paint and maybe a meth lab in the basement if your lucky.

[TimeToRecover]

breaking bad get to launderying that money