Miko also agrees to that principle. She claims that it all depends on the situation of the homeowner/buyer. Would they be living in a debt-free lifestyle, or would need to have a few extra loans in order to the house they want? However, she still sees many buyers getting approved for mortgages that seem to be well above their normal spending habits/budgets.
Gian Ceretto from HomeServices Lending also feels the same way about this issue. He claims that the buyers should stay well within the regions of their normal spending lifestyles and budgeting along with the other payments that are necessary for the home. Either that or come to a compromise to ensure they still have enough to make the payments.
At the end of the day, the buyer needs to understand where they are putting their money. Are they willing to spend enough and save little for that home they’ve been wanting to buy? Or make decisions to keep the house they have and stay within their budgets? It all comes down to them and their decision-making skills, along with expertise from the real estate agencies from their area.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367