I just got pre-qualified by the bank for a loan for my future home!
I’ve put in an offer for a townhouse about 9 miles away from work, but the bad thing is it’s a short sale. We’ll see what happens.
After estimating my monthly payment (estimated HOA fees, taxes, insurance) I’m in shock!!! If I didn’t have a roommate in the picture I would definitely be over my head. I’ve been thinking about buying a place for SO LONG and now that I see cold hard numbers its a little scary and overwhelming.
I should have enough money for the downpayment along with a little bit of help with my family but it will be sad to see some of my savings accounts drained to $0.
I currently have 3 years worth of living expenses in savings accounts (come to think of it…..actually I have almost the same exact amount in my investment accounts too).
For a downpayment I’ll probably have to hand over nearly 60% of that. Or even more!!! Boo.
Home ownership is so wonderful but SO INCREDIBLY EXPENSIVE.