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Date Posted: 11:04:21 06/23/01 Sat
Author: Marlene
Author Host/IP: 216.126.138.102
Subject: Jessica, I'm such a "Mom"
In reply to: Jessica 's message, "Sorry Diane! LOLOL! Silly girl!" on 07:00:11 06/23/01 Sat

I know how much this means to you, really I do. Looking at nice houses always puts me in the "I want it" mode. But along with having children, it's one of the most important decisions you will make. And NO ONE thinks home ownership is important more than I do. You have to have a place to live and it's always better to be building your own equity than to be paying off the mortgage for some landlord.

If you could support this house on one income.......I would say go for it. But the mortgage companies are not in the business of letting you "pay as you can". It would be bad enough to lose the house and whatever it costs you to get into it.........but it would ruin your credit rating and set you back financially for a long time.

It sounds like a lovely home - one that anyone would love to have and with 2600 sq ft (3600 including the basement!) Nedra wouldn't even need a yard! She could just run back and forth, up and down stairs!

As you know, I'm old enough to be your Mother and if you were my kids, I'd advise you to start smaller with a mortgage payment you could handle on one salary if a disaster happened.

I know.....it sucks to hear that kind of advice - but getting in financial trouble is awful, it affects every part of your life.

(I am in a bedroom community to the famous Silicon Valley - so I am well aware of the situation. The success made our property values skyrocket and now they are falling. Last year people were bidding *up* the prices of homes - offering more than the asking price just to get one. Now things are sitting on the market and prices have dropped. So people that bought last year have already lost 25-30% of the value.) Hugs Jessica - it's HARD being sensible. You're smart to take the time to think it through and ask for input.

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