Hello OP,
I have some background on Mortgages and what not as I OPed a thread on Fatwallet to hunt down low rates and during the low rate times was able to refinance over and over (best run was 9 refinances in 13 months).
Here is my opinion and thoughts: There is such a thing as good debt and bad debts. A house mortgage debt is a good debt if you are financially strong and make good choices in general (dont: run into other debt, run up your Credit Cards, have to borrow money often etc). A mortgage isnt as bad as other debts like a Credit Card and if you truly run into a life altering event of not being able to afford you mortgage there are a lot of programs that help along with mortgage companies that will work with you to not go bankrupt for example.
That said, I dont think EVERYONE should be able to afford a house as not everyone is mature enough. Your borrowing looks in line with what you can afford and looks like you have done a lot of of calculations and should be good.
With today's rates I would not encourage anyone to own a 15 year mortgage period; even at cheaper rates its not worth it. You can always make additional principle payments on your 30 years mortgage and the difference will be mostly a wash but it give you the option to back off in the times that you need to and provide the flexibility you need.
What lthenderson makes a lot of sense that you need to also include in your calculations: Purchasing of items for your new home (Tv, Furniture, appliances etc) that could cost about 10-20K more. Have fund leverage to be able to afford big ticket items to fix HVAC, plumbing etc. Lastly, make sure you consider the cost of taxes where you live as some states/counties have high tax bills and $20,000 in taxes = $1,666+ a month before you make your mortgage P/I payments. Cost of utilities and other items to run the house as well on top of other items.
At 30, I would focus on short term goals of being in the house and having the right savings for your 2-10 mark including the need to have kids. Retirement saving is a long game and should come as a slightly later priority especially since you have a good savings there. Closer to 35 (cant tell if you have kids no) would be a good time to have a game plan on forking additional savings for your kids (UTMA, 529 etc).
Another thing I've been on top of for the last few years has been to maximize your HSA accounts as well!
Shahhere
I have some background on Mortgages and what not as I OPed a thread on Fatwallet to hunt down low rates and during the low rate times was able to refinance over and over (best run was 9 refinances in 13 months).
Here is my opinion and thoughts: There is such a thing as good debt and bad debts. A house mortgage debt is a good debt if you are financially strong and make good choices in general (dont: run into other debt, run up your Credit Cards, have to borrow money often etc). A mortgage isnt as bad as other debts like a Credit Card and if you truly run into a life altering event of not being able to afford you mortgage there are a lot of programs that help along with mortgage companies that will work with you to not go bankrupt for example.
That said, I dont think EVERYONE should be able to afford a house as not everyone is mature enough. Your borrowing looks in line with what you can afford and looks like you have done a lot of of calculations and should be good.
With today's rates I would not encourage anyone to own a 15 year mortgage period; even at cheaper rates its not worth it. You can always make additional principle payments on your 30 years mortgage and the difference will be mostly a wash but it give you the option to back off in the times that you need to and provide the flexibility you need.
What lthenderson makes a lot of sense that you need to also include in your calculations: Purchasing of items for your new home (Tv, Furniture, appliances etc) that could cost about 10-20K more. Have fund leverage to be able to afford big ticket items to fix HVAC, plumbing etc. Lastly, make sure you consider the cost of taxes where you live as some states/counties have high tax bills and $20,000 in taxes = $1,666+ a month before you make your mortgage P/I payments. Cost of utilities and other items to run the house as well on top of other items.
At 30, I would focus on short term goals of being in the house and having the right savings for your 2-10 mark including the need to have kids. Retirement saving is a long game and should come as a slightly later priority especially since you have a good savings there. Closer to 35 (cant tell if you have kids no) would be a good time to have a game plan on forking additional savings for your kids (UTMA, 529 etc).
Another thing I've been on top of for the last few years has been to maximize your HSA accounts as well!
Shahhere
Statistics: Posted by shahhere — Wed Feb 21, 2024 1:06 pm — Replies 19 — Views 1536