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The Borrower Is Slave to the Lender 100% of the Time
The Ramsey Show
Don't Let the House Own You
When mortgage payments exceed 40% of take-home income, it indicates a precarious financial situation. If a significant income increase is not anticipated in the near future, retaining a home may not be financially sustainable. Selling the house may be necessary to alleviate financial strain and regain control over personal finances. A healthy mortgage should ideally represent 25-30% of take-home pay, allowing for budget flexibility. It's crucial to assess affordability realistically to avoid being 'owned' by the house.
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