Originally Posted by rebeccai
That is a lot of money down the drain. I remember when we first got married he was excited about saving money to purchase our first home. But I feel he has gotten too comfortable with us living here because he no longer talks about us looking into purchasing a house.
Did you have a roof over your head for the last decade?
Read the papers recently about the value of homes?
Had you bought 10 years ago, your house would be worth about the same (or not much more) today.
Plus you would have had all the costs of ownership (insurance, maintenance,etc).
And if you've been saving all along for the "dream" house, you're way ahead of those in your situation who did buy 5 years ago. WAY ahead. You should be sitting on a very nice nest egg.
Prices aren't going up, and it's possible there could be another dip.
The good thing is, hopefully, the bank won't just be handing out a mortgage is you're not qualified. No more BS, no doc paperwork.
And as for the borker speak - "buy now or be priced out forever" :roll: - they were saying the same thing in 2004 and 2005 and 2006 and 2007 - and look where those buyers are now.
In foreclosure. Or underwater.
I'm not at all knocking the home ownership aspect.
I understand the emotional implications and attachment.
But you need to take a starter course in basic home ownership finance before getting any closer to this transaction.