Bring On The Debt…

So I had a nice in depth conversation with a mortgage broker today. For those of you who don’t know I am pondering purchasing a condo of my own. I am fine living at home, but I’ve reached that point in my life where it’s time to move out. Not because I have to, but more because I want to. I had planned on looking in the spring, but several people have told me I could save more money by purchasing a place now than if I save more money and look in the spring, mostly because the winter is a notoriously bad time to sell so people are willing to sell for a little cheaper.

Anyways, I spoke in depth with a mortgage broker, someone my realtor had suggested. She was very nice, and walked me through most of the options. Let me tell you, it’s a bit scary. The amount of money I’m talking about financing is more money than I’ve ever thought about. :) Ok, so maybe that’s not true, but it’s still a lot of money. And to think that I’m going to owe that for the next thirty years. Yikes. I don’t know how people do it.

I may end up doing things a bit differently than I first imagined. The original plan was to save up a bunch of money and then put down a pretty good down payment. In talking to my mortgage broker she thinks its more equitable to pay off my student loans with the money I’ve saved and then have the money that would have been going to student loans on a monthly basis go towards a mortgage. The difference in cost between putting down a down payment and not putting one down was 100 bucks, so the math makes sense. I’d be saving 300 dollars a month, plus supposedly payments made towards a mortgage are tax deductible? At least that’s what it sounded like. I”m going to have to do some more research before I fully commit to this, but we’ll see where it goes.

So yeah, I’ve started the process. Will I actually find something anytime soon? WIll I find something I like? Will I have the guts to actually go through with it? Who knows?

Tags: condo, personal