What if the total mortgage debt on both homes combined is less than 2 times annual gross income? Or even equal to 1 times annual gross income?
I find myself asking these questions because I loosened the purse strings a bit and am in the process of purchasing a lake house about 90 min from my primary home. It is also 90 min (the other direction) from my home town and family who I hope to share it with for years to come.
I purchased my primary residence a couple years ago in a lower cost neighborhood at a very reasonable price with a 15 year fixed mortgage at an interest rate of less than 2.5%. The lake house will have the same mortgage setup but at just under 3% because rates have edged up a bit. My total mortgage debt between both properties will be roughly equal to 1 times my annual gross. It goes without saying ... I have no non-mortgage debt and am well on track otherwise.
Thoughts?
I find myself asking these questions because I loosened the purse strings a bit and am in the process of purchasing a lake house about 90 min from my primary home. It is also 90 min (the other direction) from my home town and family who I hope to share it with for years to come.
I purchased my primary residence a couple years ago in a lower cost neighborhood at a very reasonable price with a 15 year fixed mortgage at an interest rate of less than 2.5%. The lake house will have the same mortgage setup but at just under 3% because rates have edged up a bit. My total mortgage debt between both properties will be roughly equal to 1 times my annual gross. It goes without saying ... I have no non-mortgage debt and am well on track otherwise.
Thoughts?
Comment