I’m pre-qualified!

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.

— E&I