... that is the question.
So the pressure is on from all angles.
Angle #1: The folks, bless them, truly think I should be considering purchasing a house. I agree to some extent.
Angle #2: Friends who own. Now granted they are both Microsoft kabillionairs so for them purchasing a house is less of an issue. They have TWO incomes and my little income comes no where near either of their incomes.
Angle #3: Internal pressure. Logically I know that a house is an investment. But there are so many variables that scare the bajeesus out of me.
So I promised my folks I'd look into it. Their suggestion was to check into interest only loans. With the housing market here in Washington being what it is, their theory is I'd make $$ on the house in the end after 2 years or so and therefore not be hurt by the interest only loan. There is a risk that the bottom of the housing market will fall out, but if you've seen the housing market here, its unlikely.
The cost of houses/condos here are outrageous. Even if I could get into a house, I probably couldn't afford the month to month living. Ugh.
But I made a promise, so I'll call a realator and get back in touch with my banker. And I'll let the games begin.
Got any useful advice? I'd love to hear it.
3 comments:
The little advice I can give is, "Don't buy a house as expensive as the loan you qualify for."
... Let's say you pre-qualify for $400,000. This doesn't mean you have to buy a $400,000 home! Because there's one thing they never take into consideration, which they absolutely should, and that is if you can AFFORD it. You don't find that out until after they give you the numbers on your house payment, which is always after you've fallen in love with the house!
So, keep your expectations realistic. Don't let them put you in something you can't afford. A little grounded advice.
In addition to Ken's advice, I can say just to be certain that you don't get in over your head.
Don't get into a house expecting it to double in value in 2 years...there is no crystal ball and no guarantees.
just do it :-) I can find you a cute home up here in Bothell :-)
yah! You have a blog!!!
Love ya!
Melissa
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