After a year of diligent web searches and a lot of house jealousy, we've decided to buy a home. Some might say we like to do things backwards, buying a house before there is a wedding, but we've done a lot of thinking and this feels like the right time. Our reasons? Interest rates are at an all-time low, houses are priced competitively for a quick sale, Obama's administration has increased the lure of the first-time homebuyer tax credit, we've done our homework, and we're ready to invest in our future as a couple. A wedding doesn't give you the return that real estate does, so we're tackling the investment first, the fun stuff later.
And what an investment it will be. We are working with the right people to help us navigate this crazy market and so far, I think we're keeping our heads above water. We have an all new set of vocabulary, including terms like escrow account, personal mortgage interest, amortization, FHA loan, debt-to-income ratio and many, many more.
Now that we've decided to take this step, we are waiting to hear if our lenders are willing to take their step. We've started looking and have narrowed our choices down by house criteria and neighborhood. We know this will probably not be our forever home, but we're looking to make it ours, while we grow our investment before moving
on.
With too many house choices, and a lot of hope, we wait to hear from our mortgage broker for some good news. He will either come back to us and tell us we've qualified for a grant that will allow us to buy only in the central quadrant of the city, where we originally wanted to live, but found wouldn't be such
a good investment, or he'll tell us that we can get an advance loan for the tax credit we'll receive in 2010. If that's the case,
we can buy anywhere in the city.
We've got some hope, only a little confidence, and a lot of anxiety. And we wait.
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