Britta Koepf
speaker
18 appearances
1 recordings
1 series
first heard Nov 2020
last heard Nov 2020
Britta Koepf’s voice in public audio — every appearance, attributed to the second.
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Appearances
Oh, thank you for having me.
Once we did decide to go to the next level of actually buying a house together, we were able to figure out how much we could each afford to put in to a pot of money to buy the house.
When we decided how much was good to spend, we wanted to keep it lower than the amount that we were paying in rent, plus setting aside for down payment.
is what we told each other.
I have, as a financial advisor, I have more detailed ways of actually deciding how much someone can afford.
But that is generally our mindset when we were talking about it is we don't want our expenses plus additional house savings.
We don't want that to go up.
We don't want us to move into a house and suddenly have to cut back other places or worry that our expenses
emergency fund isn't enough.
It's actually not.
We are renting out a room to his brother.
When the bank tells you how much you can afford, they're not actually telling you how much you can afford.
They're telling you how much they can afford to bet that you won't default.
My main advice is to consider how much you can afford separately from how big of a loan you can get.
A lot of people, when they are told by the bank, hey, you can afford a $400,000 house, they go, I can afford a $400,000 house.
Let me look for a $400,000 house.
But they can't actually afford that.
Or maybe they can right now, but it would put enough pressure on their finances that the moment COVID hit and they had the job loss, they suddenly were in financial peril.
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