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I'm freaking out.... HELP!!

I'm freaking out.... HELP!!

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  • TSLeer TSLeer's Avatar 05-15-07 | 04:56 PM
  • Here's alittle history.....
    DH and I have been together almost 16 years, we have always rented. My parents have always rented.

    DH and I have been house hunting the last two month after a deal with my employer (a general contractor) to buy one of his brand new house didn't come to fruition (the owner's fault, not my boss').

    Now we are about to seriously talk about making an offer on this house, which I love, but the thought of a mortgage and all that comes with owning a house is starting to freak me out.

    We both work. I make at least 2x what DH makes, we have already sacrificed certain monetary things to have Taylor and hopefully later Hailey in private school. Not too mention Hailey's full time daycare costs now.
    Adding a mortgage, etc on top of that is really my issue here.

    Everything I talk to DH about it, it turns into "you just don't want what I want" arguments, blah, blah, blah.

    Someone please help me find so comfort in the biggest investment you can make besides your kids.

    By the way, we live in San Joaquin Valley of California and houses run in the mid $300's for a decent 1300 sq ft home here.
  • ~Kelli~ ~Kelli~'s Avatar 05-15-07 | 05:03 PM
  • it's a huge step-- but owning your home is rewarding and great for your kiddos future-- you're just scared-- and the best way to get through that is to really have some knowledge about what you are going to do.

    talk with your mortgage broker about the details regarding your mortgage-- get a clear idea of exactly how much you would be paying monthly,including taxes, insurance, etc-- then guestimate your expenses for the house, electric water sewer etc--- look at it all on paper-- and make your decision from there.

    you have to really see how the bottom line will effect things-- look at the difference of your rent vs. owning the property-- it may not be that different, of course minus your down payment....
  • skyqueen skyqueen's Avatar 05-15-07 | 05:05 PM
  • take a deep breath.

    I was SOOOOOOoooooooo nervous the first time I wrote my name on those contracts. But I can't imagine myself ever being a renter again.

    You live in an area where houses are a good and lucrative investment. If you can afford it, then you should make the investment.

    With the responsibility comes alot more freedoms as well. And doing this for yourself, your kids, and your family as a whole is a very good thing.

    how much more would your mortgage be than what you're paying in rent?

    If you're paying more than 1200 for rent, then you have GOT to buy a house and own it so you don't keep throwing that money away.
  • Dopey406 Dopey406's Avatar 05-15-07 | 05:19 PM
  • I agree that buying a house is a heart-stopper for sure!!
    BUT---it's one of the best financial investments you can make.

    Yes, you're scared--this is totally uncharted territory for you, coming from parents who have also always rented. But it's certainly a step in the right direction.

    Sit with DH and really talk it over. You need to know the numbers going into the deal. Are you AFRAID that you won't be able to make ends meet or will you really NOT be able to make ends meet? There's a drastic difference between those two.

    Hang in there and keep us posted. If you love the house and your budget truly can handle the increased cost, you should really do it. You won't regret it.
  • Janine Janine's Avatar 05-15-07 | 05:58 PM
  • Most of the time a mortgage is cheaper than renting because your rent is paying someone elses mortgage.

    I have never rented in my life. I'm on my third house now.

    Also with the housing market taking a turn for the worst and interest rates going down, now is actually a good time to be a buyer.

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