Sunday, November 9, 2008

House or No House

Hubby and I have decided to move forward with the possibility of becoming homeowners. We look last weekend and found a house that we liked and should know tomorrow if we are going to move forward with a contract or if we are going to postpone home ownership for a little while longer.

I can completely understand why they say this process is ranked as one of the top 5 things that cause stress. When I took my paperwork to the finance people the first question they asked was - "Are you going to be putting down the standard 30%?" After I finished laughing, I informed them that I would not be putting down 30%. In fact, I would not be interested in moving forward unless they could find me 100% financing. I want a total move in cost of $0.00. Thankfully, hubby and I are on the same page with regards to what we want; and if we cannot get what we want at the price we want, we are prepared to walk away and continue being renters.

We absolutely need the tax deduction, but I refuse to spend all of my disposal cash to get in to a home and I refuse to get more house that I can afford.


  1. I wish you the best of luck. You're moving into the situation with a great mindset. Buying a house can be a nightmare, owning a house can be troublesome, but I wouldn't change it for the world. I know you & hubbie will be homeowners someday-and I know you'll love it too!

  2. just fyi. PMI (property mortgage insurance) will cost you a pretty penny if you finance more than 80% of the appraised value of the home. maybe you can find a house that only costs that much. we learned the hard way when we purchased our first condo. you also might consider two mortgages... one for 80% and one for 20% as another way out of paying PMI.

    i hope it all works out for you either way!!!