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Re: [ Schools/Education ] Fort Lee High School
Posted By: McMansion Owner In Response To: Re: [ Schools/Education ] Fort Lee High School (Sam)
Date: Tuesday, 13 June 2006, at 10:12 p.m.
I can tell you how a lot of people afford these expensive homes. They do things that can sometimes be risky.
For example, in order to get a lower interest rate on the mortgage, they take adjustable rate mortgages. With the rising interest rates, they will now have to lock in their mortgage. If they don't they won't be able to afford the house anymore once their monthly payments rise.
Another thing is that they only put down a 10% down payment, which means that they have very little equity in their house. They are basically renting their house from the bank.
They can also buy fixer uppers that need a lot of work. Most people under estimate the cost of these repairs and often go way over budget (if not bankrupt) in the process.
Even though it is important to have a high income (which you obvivously do), it is just as important to have a lot of savings. So, if you have a high 6 didgit income but are living from check to check, affording a house in Tenafly is not going to be easy.
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