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What Caused the Financial Meltdown?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 402582" data-attributes="member: 12570"><p>When I was house shopping I was told that a good rule of thumb was to look at homes and to keep your mortgage at twice your annual salary at most. I ended up buying a condo which was roughly equal to my annual salary and have been making improvements to it since I moved in. It more than meets my needs and is a nice place to live. No, it's not a McMansion, but I am comfortable and there is plenty of room for me and for my kids when they come to visit.</p><p> </p><p>Among the beneficial by-products of this restructuring will be the elimination of the "interest only" loans, which are by far the most foolish contract anyone can enter in to, the 125% mortgages, the zero down payment notes or the 40-50 year mortgages. </p><p> </p><p>My loan is a VA loan, which allowed me to roll closing costs in to the mortgage and only required a 3% origination fee, and is backed by the Veterans Administration which I have fixed at 6.125% for 30 yrs. My payments allow me to live comfortably while deferring 25% of my income to my 401k.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 402582, member: 12570"] When I was house shopping I was told that a good rule of thumb was to look at homes and to keep your mortgage at twice your annual salary at most. I ended up buying a condo which was roughly equal to my annual salary and have been making improvements to it since I moved in. It more than meets my needs and is a nice place to live. No, it's not a McMansion, but I am comfortable and there is plenty of room for me and for my kids when they come to visit. Among the beneficial by-products of this restructuring will be the elimination of the "interest only" loans, which are by far the most foolish contract anyone can enter in to, the 125% mortgages, the zero down payment notes or the 40-50 year mortgages. My loan is a VA loan, which allowed me to roll closing costs in to the mortgage and only required a 3% origination fee, and is backed by the Veterans Administration which I have fixed at 6.125% for 30 yrs. My payments allow me to live comfortably while deferring 25% of my income to my 401k. [/QUOTE]
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