house buying plans
Tuesday, April 21st, 2009Plan 1
so i’ve been preapproved for a mortage of X amount.
assuming i borrow the full amount of the mortgage to cover 80% of the house, i am “only” $10,000 short of the 20% down payment needed to pay for the house.
assuming I can save ~$2000 a month, in about 5 months (let’s say 6 to be on the safe side), i’ll have my 20% down payment.
then i can spend my ENTIRE life savings on one stupid house. so that i can start to make ridiculously high monthly payments on that mortgage – (a little more than 50% of my monthly pay check!)
THEN there’s the market i’m looking in… in the 6 months i’m squirreling away my money, i also need house prices to drop another 15% to bring the houses into my range.
sounds like a pretty good plan, eh??
Plan 2
Go rob a bank. That’ll give me whatever I need for a down payment! And if I rob more than 1 bank, I might be able to afford a house in the area I’m looking in!!



