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Forum » My mortgage and escrow is 58% of my net monthly income
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Thread: My mortgage and escrow is 58% of my net monthly income

post 1696934553 01-25-2024, 12:08 PM
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  1. PShift5
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My mortgage and escrow is 58% of my net monthly income

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And I still wouldn't trade it to be a rentcuck
post 1696934843 01-25-2024, 12:13 PM
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post 1696934853 01-25-2024, 12:13 PM
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sounds like boomers cuked you
IF YOU DONT SQUAT, YOU AINT SQUAT
post 1696935003 01-25-2024, 12:17 PM
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  1. OliverHeldens
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How did you get approved for this mortgage? Usually the limit is 43% at absolute most.
post 1696935663 01-25-2024, 12:30 PM
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  1. guest89
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Well since your mortgage is presumably locked in at a fixed rate. The solution is an easy one. Increase your income.
post 1696935793 01-25-2024, 12:32 PM
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rent a room out
Journal: https://forum.obnoxiousbrutes.com/showthread.php?t=139898123&page=240
post 1696936083 01-25-2024, 12:39 PM
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Originally Posted By OliverHeldens⏩
How did you get approved for this mortgage? Usually the limit is 43% at absolute most.
Mortgage is $2702, property tax, homeowner insurance brings it to $3430 don't know how, got approved for $450k that's all I know
post 1696936113 01-25-2024, 12:40 PM
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Originally Posted By Anachron⏩
43% to gross income.

OP specified net.
Makes sense now, my gross is $105k
post 1696936123 01-25-2024, 12:41 PM
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Originally Posted By guest89⏩
Well since your mortgage is presumably locked in at a fixed rate. The solution is an easy one. Increase your income.
Need to increase income and refinance waiting for the stars to align
post 1696936233 01-25-2024, 12:44 PM
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Been there bro, you will make it through. Hang in there!
post 1696936353 01-25-2024, 12:46 PM
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Originally Posted By PShift5⏩
Makes sense now, my gross is $105k
Idk why banks do gross income when calculating debt to value. It’s like they don’t think people pay taxes or something.
post 1696936393 01-25-2024, 12:47 PM
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Originally Posted By PShift5⏩
Mortgage is $2702, property tax, homeowner insurance brings it to $3430 don't know how, got approved for $450k that's all I know
Also damn. Back when rates were 2.5% I got approved for that on like $55k
post 1696937013 01-25-2024, 12:59 PM
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Originally Posted By FatLoserNerd⏩
Idk why banks do gross income when calculating debt to value. It’s like they don’t think people pay taxes or something.
Makes no sense to me either
post 1696939083 01-25-2024, 01:41 PM
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Originally Posted By Anachron⏩
43% to gross income.

OP specified net.
Damn!
post 1696939293 01-25-2024, 01:44 PM
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Thanks obiden
Bears, Bulls, Blackhawks, and White Sox

Misc Hard Seltzer Crew

Recovering Tradie Crew
post 1696939533 01-25-2024, 01:47 PM
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Originally Posted By TheDude8734⏩
Where they got me when I made my purchase was when my mortgage broker (a complete bum) ignored my multiple requests to confirm that the calculated tax rate was correct.

I warned him that the previous owner definitely had a lower tax rate (which they use as a comp. when setting the totals) due to their senior citizen status.

He ignored me and I was screwed by a substantial amount of money with the shortage on my escrow and what would become my monthly payment to the "new totals" that accounted for higher tax rates.
He probably knew he was screwing you too that's ****ed up, my lender told me repeatedly to confirm what my taxes would be
post 1696941833 01-25-2024, 02:23 PM
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So escrow went up with increasing insurance, other costs? Ya might want to add a second income stream just in case. Even if only a few hundred bucks a week it would provide some breathing room.
Yeah Buddyyy! Light weight! Light weight baby!!!!
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