Monday, January 16, 2012
Will i get the mortgage loan? Ive been preapproved...?
Honestly, you are way out of your league and price range if you do get it, and would not be surprised if you lose it within a year. Hate to sound negative Lets look at the numbers your gross take home every month is $2250 after taxes at best $1800. Subtract car and credit cards you are now at $1200. Lets take $100 in electric, $100 cable phone and internet, water sewer and garbage $75, ok you are at $925 a month. Gas and car insurance $100, We are at $825 a month left. Add food and entertainment cheaply $400 a month you are left with $425. Without any problem or sudden expenses (repairs) does that cover your mortgage and taxes and insurance? You really need to raise your income substantially before you take on an endeavor such as a home. Just knocking you just trying to make you aware of what is involved in ownership. Before you end up losing what you have worked so hard for. Just being realistic.
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