FMOOD 0069: Did You Buy Too Much House? - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-02-23T07:00
Is the roof over your head causing you a lot of stress? Is it preventing you from reaching your financial goals? If so, it may be time to consider whether or not you may have purchased too much house.
Generally speaking, you should have a house payment of no more than 25% of your take-home income. If it's in the 30% to 35% range, you're still okay (although this is not ideal). However, if you are in the 40% range and above, you are in the danger zone as far as house payments go, and it's likely that your house is too much of an expense to keep around.
Tune in to listen to some of your options and what you may want to consider depending on where you fall on the spectrum as far as what percentage of your income is going towards your home. Don't forget that aside from refinancing (if it financially makes sense to do so), you can consider becoming a renter. Even if it's only temporary until you get your financial house in order and save up for a huge down payment on a home purchase, it's generally a better solution than drowning in the danger zone of house payments that are taking 40% of your resources.
Follow me on Twitter @fmoodpodcast or on Facebook at http://facebook.com/followmeoutofdebt - and thanks for listening!
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