At this point in my life I’m thinking a lot about moving on to buying my own home. Renting is easy, you just call someone else if there’s a problem. But at the same time, am I throwing away $1,100 each month? Probably so. Paying this same amount with no money down, I could get a $180,000 mortgage loan. That’s not an amazing house, but it’s all I need. And over time I could refinance and get a lower payment.
I admit, though, debt scares me. Even something as small as payday loans make me very uncomfortable. My car is about paid off and I should be completely debt free by this time next year (excluding Jay and his truck) so I’m really considering growing up and investing in a home.
I know millions of people own homes. Why is it so scary to me?
BECAUSE IT IS PERMANENT AND YOU CANT RETURN IT!
October 5, 2007 @ 8:51 amHaving taken the plunge myself and become a home owner I can tell you it’s not that scary really. You just have to be careful not to over commit when it comes to repayments, and also make allowances for interest rate rises over the term of the loan. The searching and buying process can be hectic, but it’s ultimately worthwhile :)
October 8, 2007 @ 3:52 amDo you suggest adjusting or fixed rates?
October 8, 2007 @ 7:43 am