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08.13.07 How Much House Can you Afford?
MP3 Audio: 08.13.07 How Much House Can you Afford? (0.91mb) Download
By: David Bach visit website
Genre: personal finance/
Tags: investing, millionaire, personal finance, real estate
David Bach's Finish Rich Minute is brought to you by Wells Fargo Home Mortgage, a division of Wells Fargo Bank N.A., Equal Housing Lender and founding sponsor of The Great American Homeowner Challenge TM.
Hi, this is David Bach.? When it comes to buying a home, the bottom line isn’t how much houses cost.? It's how much you can afford to spend.? Most people can afford to spend 29 percent of their gross income on housing costs- including the mortgage payment and property taxes- and as sometimes as much as 41 percent, if they have no debt.? You should also consider your other savings goals, medical expenses, ongoing household repairs and maintenance, and even how secure your job is.? Once you calculate your magic number, play it safe by knocking off an additional 10-20%.? I'm David Bach.? For more information on smart homeownership, read my #1 bestseller, The Automatic Millionaire Homeowner and visit davidbach.com.
Visit davidbach.com for mortgage information and to find a branch near you.
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