[Healthy Environment]

800k mortgage 0% down? She's a new doctor, fresh out of residency & med school.......makes 120k/year, a lot less after taxes.....She was approved for a 0% 800k mortage to buy a freakin mansion!1st of all: Why the hell did they approve her? It's approving these kind of irresponsible uanffordable monster mortgages that has caused the mess on Wallstreet! (for the record it's not just loans for 800k mansions that caused the mess; it's also small-time people buying 100k homes they couldn't afford which is still irresponsible)....Why do doctors think big houses are so impressive? geez.Instead of being house rich and cash poor, she should be saving up millions of dollars and be cash rich. Having millions of dollars to impress people instead of a big house is far more intelligent.Suze Orman the financial advisor talked some sense into her and thankfully convinced her not to borrow this much money. Suze recommended that the most she could borrow given her income & lack of savings is 400k. Although that's still a stretch. 400k is still pushing it.I would say maybe 250k. And why do people think "just because you can buy a house this big, you should!" so dumb. Not only a waste of money but also a waste of our environment's resources.Live within your means people.Nothing wrong with having 5 million dollars, but only buying a house worth 100k.Just because you can doesn't mean you should.

[jpr302001]

When you go from making nothing to making 120K, it makes you feel rich. It's the 0% down that gets me. It used to be that you couldn't buy a house unless you had the 20% down... it was a hard and fast rule until the mid-90s.