October 11, 2006 7:33am CST
Mortgage Question.? I have excellent credit, been employed 2 years plus same job, make $100k, and am getting married shortly (I expect to be making $110k by March). I would like to be able to buy a house in the $500,000 range. I have little downpayment funds. I could swing $20,000 selling an investment. I also have $10,000 in debt (credit card). Should I pay down the credit card debt or accumulate more cash for a downpayment? Also, would my salary support a mortgage of about $480,000? (If unaffordable, how much does my wife need to make also for us to be able to swing this?) The house will most likely be in Suffolk County Long Island where the taxes are high. I see taxes of $6k min to $10k prior to STAR, a gov't giveback program that reduces the rate.