If i want to buy an estate costing 7mil, how should my networth or exact money should be to accomodate for it?
May 29, 2010 - 1:21 am
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sucks
If you can handle a 35-40k mortgage (without taxes & insurance) you should have about 2.5MM fairly liquid after putting about 2.5MM down. If you can pay cash, you won’t need much liquidity but many agents won’t even let you see a house like that if you don’t have at least 1MM in the bank.
May 29th, 2010 at 6:58 am
If you can handle a 35-40k mortgage (without taxes & insurance) you should have about 2.5MM fairly liquid after putting about 2.5MM down. If you can pay cash, you won’t need much liquidity but many agents won’t even let you see a house like that if you don’t have at least 1MM in the bank.
References :
Full time mortgage advisor