Two Mortgages are Better Than One
Looked into house buying, and got some good and bad news. Good news is that if you’re buying a house right now, then you’re in luck. Bad news is, if you’re selling… not so much so. The market is over-saturated with houses, and our neighborhood in particular has like 12 other houses up for sale. So to sell our place, we’ll need to do lots of cleaning-up, and even then we can expect it to take 6-8 months, and possibly more.
So, looking at our options for house buying, we figured that if we lived close to work and put ourselves on a shoestring budget, we could actually afford our current mortgage, plus that of a new house. With some financial aid from our room mate Cary, this is actually a very solid possibility.
The plan now is that we get a new house ASAP, move in there, clean up the old one, and then put it on the market. The only kink in this plan is… we’re not sure if the bank will actually give us a loan for another house. But, we’ll be talking to our loan officer tomorrow. And if that goes well, we’ll look for a new place starting Monday (as well as begin packing).
So, wish us luck!
28 Sep 2007 Mike 0 comments