topic Re: We're just going to give up and save for 20% in Mortgage Loans

We're just going to give up and save for 20%

blameitonrio — Wed, 09 Apr 2008 16:41:39 GMT

We found this site after we found a new bigger house that we wanted and pulled credit and found out it's not all we thought it was. So, we're now in the middle of repair, etc. We could probably pull it up well enough to get PMI, but selling our current house in this current, housing slump we're having might mean losing $ on it, as we went 100% with it. So, now I think we're going to con't to work on the credit thing and save for a 20% down pmt so we don't have to worry about PMI first of all and then also that we'll have equity in it from the beginning so we don't face the problem we have with our current house. I think that's better for us in the long run, but we won't probably be able to take advantage as much of the totally cheap houses in our area that are going on right now!!

Re: We're just going to give up and save for 20%

Anonymous — Wed, 09 Apr 2008 17:04:29 GMT

Sounds like a good plan!

Put a picture of your dream house on your refrigerator or mirror. That will remind you every day why you're saving. Good luck!

Re: We're just going to give up and save for 20%

blameitonrio — Wed, 09 Apr 2008 20:02:00 GMT

Thanks!! It was just stressing me out too much to try and fix our credit at turbo speed. We'll be able to concentrate better on fixing it now and not get highly stressed from it.

Re: We're just going to give up and save for 20%

pattycake — Thu, 10 Apr 2008 03:23:10 GMT

blameitonrio - it will all work out just fine. You won't lose out worrying about selling your present home while looking for another. Hang in there!!!

BTW - I only put down 10%, but it was the sweetest 10% I ever saved!!!!!!

Re: We're just going to give up and save for 20%

blameitonrio — Thu, 10 Apr 2008 15:58:23 GMT

Thank you pattycake!!

Remembering what you really want

MattH — Fri, 11 Apr 2008 10:52:22 GMT

Yep, right now I am *very* glad my wife and I stayed in our tiny rental for
several years saving up for our down payment before we bought in 2002 (with
a fixed-rate mortgage and no prepayment penalty). We didn't *quite* manage to
put 20% down, but we made extra principal payments to get out from under PMI
as quickly as possible. Yes, we could probably have bought sooner, but by
staying in a place with a kitchen smaller than either of our current bathrooms
for a few years we have put ourselves into a far stronger position right now.

I forget who said the best definition of discipline I know, "remembering what
you really want."

Re: Remembering what you really want

Anonymous — Fri, 11 Apr 2008 17:54:29 GMT

@MattH wrote:
Yep, right now I am *very* glad my wife and I stayed in our tiny rental for
several years saving up for our down payment before we bought in 2002 (with
a fixed-rate mortgage and no prepayment penalty). We didn't *quite* manage to
put 20% down, but we made extra principal payments to get out from under PMI
as quickly as possible. Yes, we could probably have bought sooner, but by
staying in a place with a kitchen smaller than either of our current bathrooms
for a few years we have put ourselves into a far stronger position right now.

I forget who said the best definition of discipline I know, "remembering what
you really want."

This is exactly what I need to read right now. We are renting a little house that we really want to buy and it's much cheaper for us to just keep renting it for now. Luckily so far our landlord is willing to be patient... But everything on this thread is reinforcing that we just need to hang in there and save for now.

I love your quote. Words to live by!