Peter Dunn, Damian Dunn, R. J. discussed on Pete the Planner

Automatic TRANSCRIPT

Me Peter Dunn and Damian Dunn no relation vice president advice at your money line and hate money damn here in studio today I am in studio today it's a good to see a or something R. J. let's get to the first question here it is from Lisa subject line buying our first home at fifty eight my husband and I are wanting to purchase a home it will be our first home we are fifty eight years old and are concerned that we are too old more of a hard time getting a mortgage to buy a continuous we've saved thirty five thousand dollars but has stated or wondering if we should buy thanks for your help Lisa if first of all awesome yeah let's go it sounds like they put some thought into this they've done some crap by getting some money save the head of time do you love about this is with age comes wisdom and maturity and and and planning a lot of times it feels like they really put some thought into this and I feel like that generally set someone up for success is long as they're able to check some boxes and so let's just go through no matter what your age is the boxes you should check one thing about purchasing a home in the day and we will of course account for the fact that they are fifty eight years old we like to begin with what your payment is going to be no matter whether you're buying or renting we like we have a target number that works in most parts of the country doesn't work in all parts of the country but it's a it's a good indication of where would you like to see people twenty five percent is it right about the perfect amount for your mortgage slash housing allocation of your budget twenty five percent of take home pay household take home pay look if it goes up to forty because you're in an expensive area or goes up to forty because you choose to buy a bigger house ideally you're getting a fifteen year mortgage if you're gonna creep near forty percent banks encourage you to be forty percent or above so that they can loan you more money and make more money off the interest the game in a perfect world if I got to control your finances I would do it twenty five percent and then ten percent for utilities on top of that for total of thirty five percent what scares us is when people get to fifty or sixty percent between their house payment utilities yeah there's not a lot left over for just daily life let alone emergencies that may pop up not only male lifestyle type of emergencies or medical emergencies but stuff happens.

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