Am I crazy?!?!?!?!?!

FH and I found a house that we love, at a VERY Good price and we want to go for it before we miss out on it. However, we are paying for our wedding, we are only 5 months away, we have racked up some credit card debt in the process of planning this wedding, I am just not sure what to do at this point.......AHHHHHH!!!!!!

It's a really tough decision. Fh and I bought our house and moved in in March..while planning the wedding. You need to buckle down and do the math!! if you can afford it...DO IT!!! IT's the best thing to own a home... and not bad for taxes either!!!

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Posted by wifetobe

It's a really tough decision. Fh and I bought our house and moved in in March..while planning the wedding. You need to buckle down and do the math!! if you can afford it...DO IT!!! IT's the best thing to own a home... and not bad for taxes either!!!

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WE have been watching this house for 8 months. The price has dropped down over 60K. We think it finally hit rock bottom. I am not nervous abotu owning a home, paying a mortgage, etc. I am just worried about the credit card debt we have accumulated in the process of planning the wedding, I was hoping to pay that all off before we purchased a home. Its a tough decision!

IF the house is in good shape and it's a good investment meaning the house has equity, then go for it. I am so in your situation right now - only difference if I bought the house. We got it in March because it was a steal and already has equity. I'm up to my hair in credit card debt because we have to redo the kitchen and buy furniture, etc.

Sometimes I get scared, thinking of everything I have to pay, but sit down with FH, figure out your salaries together minus all the bills you need to pay for the month. Include EVERYTHING. You might be left with $0.00 at the end of the month but at least your mortgage will be paid. And make sure whatever you do, keep at least 2 months mortgage saved in the bank.

Hope this helps. I know excatly what you are going through because I had to make this same decision 2 months ago and I didn't hesitate. I house is a great investment maybe not know becaue of the market but 2 yrs from now it will be.

Oh and to answer your question...
NO, you are NOT crazy!!!

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Posted by nifheim

How do you know when you can buy a house? I mean no one answers this question for me. I need a goal to save to otherwise we seem not to save.

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You know when the market is right for buying, which it is,,,and when you have enough saved for the down payment AND CLOSING COSTS which could run about 20K.. Mine was 20k......

If you can afford your monthly payments with all your other expenses...DO IT!!!!!

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Posted by FutureMrs.T

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Posted by wifetobe

It's a really tough decision. Fh and I bought our house and moved in in March..while planning the wedding. You need to buckle down and do the math!! if you can afford it...DO IT!!! IT's the best thing to own a home... and not bad for taxes either!!!

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WE have been watching this house for 8 months. The price has dropped down over 60K. We think it finally hit rock bottom. I am not nervous abotu owning a home, paying a mortgage, etc. I am just worried about the credit card debt we have accumulated in the process of planning the wedding, I was hoping to pay that all off before we purchased a home. Its a tough decision!

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Don't worry about your debt regaring getting a mortgage..it's more about your credit score..that's what they look at...your debt to income ratio....call a broker or bank and see if you can get approved if so..then def do it!!

omg im crazy too we found a beautiful home about 2 weeks ago - so we called the real estate agent, my FH got pre approved and we were thinking of taking a trip down to florida to see the house - but then the seller ended up going into contract with another buyer - we were so nervous about it so i think we were both kind of relieved that it didnt work out - but last night we found another gem and we are calling the agent today we just feel like the market is so great for us to buy in right now especially in florida where the houses are already so cheap - its just hectic with the wedding and knowing that we'll be paying a mortgage on a house that we wont be living in until next year! its making me nuts!

Thanks ladies!

I just got together:

Last 4 pay stubs
2 months of my 401K Statement
2 months of my IRA statement
2 months of my checking account statement
2 months of my Savings account statements
My 2007 Tax Forms

I am going to head to the bank and lunchtime and chat with my advisor........Soooo nerveracking!

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Posted by FutureMrs.T

Thanks ladies!

I just got together:

Last 4 pay stubs
2 months of my 401K Statement
2 months of my IRA statement
2 months of my checking account statement
2 months of my Savings account statements
My 2007 Tax Forms

I am going to head to the bank and lunchtime and chat with my advisor........Soooo nerveracking!

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GOOD LUCK!!!

Good Luck.

Good luck! I wish we had the $$$ to put a deposit down on a house. I have no idea how we are going to save $40,000 in a year or so...how does everybody do it?

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Posted by autumnbride10

Good luck! I wish we had the $$$ to put a deposit down on a house. I have no idea how we are going to save $40,000 in a year or so...how does everybody do it?

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I was lucky before I met FH I bought a coop in Garden city...back then the prices were really low.. I bought it for $185k when I sold it 4 years later I made about 80K on it... That's the only way we were able to afford the house!!!!! With that money and the little bit I had saved....I don't know how other's do it to be honest.

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Posted by wifetobe

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Posted by autumnbride10

Good luck! I wish we had the $$$ to put a deposit down on a house. I have no idea how we are going to save $40,000 in a year or so...how does everybody do it?

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I was lucky before I met FH I bought a coop in Garden city...back then the prices were really low.. I bought it for $185k when I sold it 4 years later I made about 80K on it... That's the only way we were able to afford the house!!!!! With that money and the little bit I had saved....I don't know how other's do it to be honest.

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It's a stressfull thing. We live with his parents now to save $$$. I know FH wants to buy a house soon because the market is so good, but I'd like us to finish paying off our debt first and save so we have more $$$ to put down.
Do they have special mortgages for 1st time home buyers?

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Posted by FutureMrs.T

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Posted by wifetobe

It's a really tough decision. Fh and I bought our house and moved in in March..while planning the wedding. You need to buckle down and do the math!! if you can afford it...DO IT!!! IT's the best thing to own a home... and not bad for taxes either!!!

---

WE have been watching this house for 8 months. The price has dropped down over 60K. We think it finally hit rock bottom. I am not nervous abotu owning a home, paying a mortgage, etc. I am just worried about the credit card debt we have accumulated in the process of planning the wedding, I was hoping to pay that all off before we purchased a home. Its a tough decision!

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what about paying it off after the wedding with the money from your gifts??

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Posted by autumnbride10

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Posted by wifetobe

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Posted by autumnbride10

Good luck! I wish we had the $$$ to put a deposit down on a house. I have no idea how we are going to save $40,000 in a year or so...how does everybody do it?

---

I was lucky before I met FH I bought a coop in Garden city...back then the prices were really low.. I bought it for $185k when I sold it 4 years later I made about 80K on it... That's the only way we were able to afford the house!!!!! With that money and the little bit I had saved....I don't know how other's do it to be honest.

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It's a stressfull thing. We live with his parents now to save $$$. I know FH wants to buy a house soon because the market is so good, but I'd like us to finish paying off our debt first and save so we have more $$$ to put down.
Do they have special mortgages for 1st time home buyers?

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The only thing I've heard of is a grant for first time home buyers but you have to make very little money to be eligable.. and now they will not allow Interest only or 0 money down. Most are looking for 10%-20% down.

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Posted by wifetobe

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Posted by autumnbride10

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Posted by wifetobe

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Posted by autumnbride10

Good luck! I wish we had the $$$ to put a deposit down on a house. I have no idea how we are going to save $40,000 in a year or so...how does everybody do it?

---

I was lucky before I met FH I bought a coop in Garden city...back then the prices were really low.. I bought it for $185k when I sold it 4 years later I made about 80K on it... That's the only way we were able to afford the house!!!!! With that money and the little bit I had saved....I don't know how other's do it to be honest.

---

It's a stressfull thing. We live with his parents now to save $$$. I know FH wants to buy a house soon because the market is so good, but I'd like us to finish paying off our debt first and save so we have more $$$ to put down.
Do they have special mortgages for 1st time home buyers?

---

The only thing I've heard of is a grant for first time home buyers but you have to make very little money to be eligable.. and now they will not allow Interest only or 0 money down. Most are looking for 10%-20% down.

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Yikes.

the market is going to keep at this HORRIBLE rate and only get worse. If you can hold off - i'd do it. The market has NOT YET hit rock bottom.

There are 3 most stressful times in a person's life...

1. Planning a wedding
2. having a baby
3. buying a house

can you MENTALLY handle 2 of the three? I know we were looking at 2 & 3 and decided it was too much for us...but you need to figure out if you can do it.