Architectural Designs - Is this house to expensive for us?

Is this house to expensive for us?

I've been looking into a lot of homes recently, and one of the major website I've been using is ePlans. The website provides a ton of great floor-plans with pricing that seems very consistent. My only question is how much I can afford. I'm a cardiologist at my local hospital...but local really isn't really the past term. We're ranked as one of the best hospitals (within about a two hundred mile radius, or farther in some directions), so we get quite a bit of patients coming in. My salary is approximately $410,000, and my wife -- who happens to me a dermatologist -- makes approximately $265,000 (and this of course is after taxes). With the previous details, you know that our combined salary is about $675,000. Now, after talking to our Realtor, we know that we can afford a home a little over a million dollars. Although we trust our Realtor, we don't really want to go fumbling around with that high of house without a lot of extra advice. We've gone to multiple different consulting agencies and our Realtor proved positive -- we can afford a house of that price. What do you guys think? Can we? By the way, this is the house we're looking at: http://www.eplans.com/prairie_house-plans/HWEPL66353.hwx (the supposed "highest" price it would be is a little over 900 grand).

Public Comments

Secret about those million dollar homes. Most of them are bought in cash. A jumbo loan. Any loan above 470,000 will carry a higher interest rate (please verify this - not an expert) Make sure you put 20% down so you don't have to pay that nasty PMI. In your case this could cost an extra 10's of thousands a year. It's not tax deductible, and does not apply towards principal or interest. Another note from the Suse Orman show: Home prices are not going anywhere any time soon. As a matter of fact, they could drop another 20%. She also stated that interest rates are going to remain the same for years. ^^^ Under these circumstances I would definitively not touch a huge home. Google: How much house can I afford calculator Consumer reports money magazine (by the way great thing to get) Stated that you should never make a mortgage for 2 times your annual salary if you want a good quality of life
You shouldn't be talking to your realtor about your mortgage unless she also happens to be a mortgage specialist or broker. You should be talking to your bank's mortgage department or to a mortgage broker to know how much you're pre-approved for. It's nice people are TELLING you this stuff but it's another thing to have a pre-approval so you know for sure what's the maximum a bank is willing to loan you to buy a home (plus how much they require for a down payment). We couldn't possibly tell you and anyone who says they could really doesn't know every aspect of your finances (if you have any debts, etc). Also, just because a home is listed for a certain price doesn't mean that's what it will sell for. Some homes are priced to sell quickly, others for a multiple offer while others are overpriced with the hopes you'll hack away at the number. A realtor who does a CMA (comparative market analysis) will be able to tell you what market value of a home is and what to start your bid at.
You should buy a less expensive house and put more into a retirement fund! If Obamacare continues your salaries and jobs may be a thing of the past.
TROLL. You are 15 years old