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06.16.08, 17:12 PM General Topics
33 replies
What were your finances like when you bought your $2-3 million apartment? How much down, mortgage, HHI, bank balance after down payment. Is it okay to think about a $2mm apt, 500K down, 250K savings left and HHI 500K [ Reply | Watch | Flag ]
General Topics 06.16.08, 05:12 PM Flag
 

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we are below your range. GL [ Reply | More
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General Topics 06.16.08, 05:14 PM Flag
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Just a thought: if you have this kind of money wouldn't you have a financial adviser rather than the gals of UB? [ Reply | More
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General Topics 06.16.08, 05:19 PM Flag
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good point. [ Reply | More
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General Topics 06.16.08, 05:21 PM Flag
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no...why give money to a financial advisor when dh (a finance guy) is there? Was just curious about how everyone stretches their finances to get their apt/house... [ Reply | More
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General Topics 06.16.08, 05:22 PM Flag
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wow that is stupid for so many reasons [ Reply | More
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General Topics 06.16.08, 05:27 PM Flag
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'stupid' - care to explain? [ Reply | More
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General Topics 06.16.08, 05:31 PM Flag
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you are going to spend $3 million on an apt. there is no way you can finance and you think it is stupid to spend $250 to see an advisor? [ Reply | More
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General Topics 06.16.08, 05:38 PM Flag
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if you had read the second line ....it is 2 mill (not $3m)...condos ask for 20% down. [ Reply | More
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General Topics 06.16.08, 05:41 PM Flag
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oh so when you wrote $2-3 million you only really meant 2 million? [ Reply | More
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General Topics 06.16.08, 05:48 PM Flag
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you have poor reading comprehension skills [ Reply | More
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General Topics 06.16.08, 05:52 PM Flag
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So you are denying you wrote $2-3 million? Just want to make sure everyone on UB realizes how delusional you are. And good luck trying to get a mortgage with finances like yours. [ Reply | More
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General Topics 06.16.08, 06:00 PM Flag
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I quote from the qs "Is it okay to think about a $2mm apt, 500K down, 250K savings left and HHI 500K". Clearly, I donot seek YOUR delusional and tangential thought process. [ Reply | More
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General Topics 06.16.08, 06:06 PM Flag
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These days you can't "stretch" - no bank will touch you. [ Reply | More
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General Topics 06.16.08, 05:29 PM Flag
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lol... indeed a good point. [ Reply | More
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General Topics 06.16.08, 06:02 PM Flag
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the mortgage market has changed so much that you would have to find someone who lives in your zip and bought within the last two months to do a real comparison. [ Reply | More
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General Topics 06.16.08, 05:23 PM Flag
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that seems iffy. we have 500k income and took out a 600k mortgage (had a lot of equity in old apt) for 2.2 mm place [ Reply | More
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General Topics 06.16.08, 05:26 PM Flag
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I like thinking about your scenario a lot more than my reality. [ Reply | More
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General Topics 06.16.08, 05:30 PM Flag
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hope its a condo, because co-op would not pass the board [ Reply | More
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General Topics 06.16.08, 05:30 PM Flag
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OP: still thinking about investing now as opposed to 3 yrs later, when HHI will be 850K and higher savings... [ Reply | More
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General Topics 06.16.08, 05:36 PM Flag
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some co-ops do not count bonuses as HHI, so you need to be careful. At the moment at3M you would be rejected [ Reply | More
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General Topics 06.16.08, 05:38 PM Flag
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np: you may want to invest, but will a leander invest in you? [ Reply | More
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General Topics 06.16.08, 05:41 PM Flag
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We are already approved for a $1m mortgage [ Reply | More
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General Topics 06.16.08, 05:42 PM Flag
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many lenders are going back on what they previously approved. that would be too close for comfort for me [ Reply | More
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General Topics 06.16.08, 05:43 PM Flag
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you're 1mm short [ Reply | More
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General Topics 06.16.08, 05:44 PM Flag
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You could just afford 1 million mortgage but not the 1.5 you need to make 2 million. [ Reply | More
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General Topics 06.16.08, 06:01 PM Flag
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True...we didnot apply for a higher mortgage 2 months back. We continue to look for a 1.5-1.7 mill home. Was just wondering whether we could/should stretch to 2 mill (put 30% down as opposed to 25% and apply for higher mortgage) [ Reply | More
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General Topics 06.16.08, 06:12 PM Flag
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we did that but w/triple the income [ Reply | More
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General Topics 06.16.08, 05:31 PM Flag
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so you bought a 2 million apt, putting 500K down and 1.5 million HHI? I guess you didn't want to 'stretch'? [ Reply | More
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General Topics 06.16.08, 05:35 PM Flag
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np - in this economy you should be able to lose your job and still keep your home. You can't pay off your mortgage and your savings are slim for that bracket. [ Reply | More
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General Topics 06.16.08, 05:38 PM Flag
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That sounds like a huge stretch. We didn't want to go over a $1m mortgage with a HHI of $850k. [ Reply | More
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General Topics 06.16.08, 05:34 PM Flag
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We bought a 2.8 mill house with 1.8 mill down and 300k in for upgrades so it's a $3 mill property now. we have fluctuating income but an $8 mill net worth so it's ok [ Reply | More
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General Topics 06.16.08, 05:34 PM Flag
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^^so imo it sounds like a dangerous stretch for you [ Reply | More
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General Topics 06.16.08, 05:37 PM Flag
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You cannot afford this [ Reply | More
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General Topics 06.16.08, 05:35 PM Flag
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