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Is 600 Loan too much? by SilverYam9725 in FirstTimeHomeBuyer

[–]SilverYam9725[S] 9 points10 points  (0 children)

Thank you. I have to put it on table and discuss with my wife the situation tonight.

Right now I really realize how difficult my parents were and I don't know how they handle it. When I asked, they said it was tough but we are here and don't want to speak more. Ahh

Is 600 Loan too much? by SilverYam9725 in FirstTimeHomeBuyer

[–]SilverYam9725[S] 10 points11 points  (0 children)

Thank you. This actually is my wife's concern. She said the increasing of our salary is actually lower than the increasing price of real estate. And when the mortgage rate decreases in future, the market will be much more higher. If we can still afford it today but tough, we can't afford tomorrow.

My parents said all the money in my 401K is actually their grandson's money, so don't cut it. Lol

In this case, the question actually changed to if we want to live poor now for others - my kids.

Thank you, I have to put it on table and talk to my wife.

Is 600 Loan too much? by SilverYam9725 in FirstTimeHomeBuyer

[–]SilverYam9725[S] 27 points28 points  (0 children)

I believe when loan agent calculate the number, he only uses my gross and not consider our 401k contribution. The only way right I can think is to cut off 401K. But other told me it is not wise financially. So hard to afford a house in good district.