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View Diary: Tennessee GOP Senate staff talk to me about financial regulatory reform (22 comments)

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  •  I completely agree. (1+ / 0-)
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    bmcphail

    20% has never been standard for a down payment and would freeze the housing market.  The point is put enough down to show responsibiity and then transfer rent payments to home payments.  

    We put down 1/3 when we bought our house 23 years ago.  We are self-employed and I always have a number in my head of what we can reasonably weather even when business is slow.  I have the same kinds of numbers in my head when we buy a car.  

    It is amazing how every real estate broker and car salesman tries to get you to buy more than you can afford.  So you have to be strong and you have to be honest with yourself.  However, standards dictate your perception of what you can afford and what is acceptable.  If a broker tells you you only have to pay interest and that's a good idea, you assume that since you can get that mortgage, you should have it.  I worked for construction real estate lawyers for five years so I know my way around a mortgage document.  Let me tell you, the current mortgages are unintelligible to everyone.  It was a free-for-all and no one knew what they were doing.  

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