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Benchmarks for Borrowing

photo credit: »Philo
Consumer Reports published an article on the eight benchmarks of borrowing.  I must say that I don’t agree with all of their benchmarks.  For example, they state that non-mortgage debt (i.e. auto loans, credit cards, etc.) shouldn’t be more than 20% of your gross income.  If a person has a gross income [...]

Friday Q & A

Today’s Q & A is related to this week’s homebuying series.  Here are some common questions and their answers.
Condo/townhouse vs house - which is better? 
Well there’s no definitive answer.  Only you know what’s best for you.  Price aside, the main difference between attached and detached housing is lifestyle.  Do you want to share common areas [...]

So You Want a House - Part 4

I may come back to saving on discretionary spending but a convo had with a friend last night makes me think this aspect is much more important.  JUST BECAUSE YOU CAN AFFORD A MORTGAGE DOES NOT MEAN YOU CAN AFFORD A HOUSE!  The fact you that you pay $900/month for rent doesn’t mean you can afford a [...]