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Date Posted: 06:42:00 06/24/01 Sun
Author: M.C.
Author Host/IP: 209.214.128.39
Subject: Your bosses weren't having a bad day...
In reply to: Jessica 's message, "Sorry Diane! LOLOL! Silly girl!" on 07:00:11 06/23/01 Sat

They were being kind. :)

I always take those type of words to heart. And the industry is very hard hit right now. I'm in the inter-related telecom industry...so trust me. Your bosses were being conservative.

First of all, hopefully you've built up contacts. When I taught the salary was absolutely meager. But I built up my income by designing sites on the side. I had a pretty good client list and they kept me busy, not to mention the contacts I got through the college (people would actually call and ask if the instructor did design...I took every one of those jobs I could get to keep building my client list and a lot of initial freebies that I thought would get me noticed. I still have a huge client list and they still call. :)

Be realistic about the house. Approach it as if you were going to lose your job (this is something I always do anyway). If you go with more time, can you still pay the mortgage in worst case scenario? Then do it. Keep the payments low and make certain that your agreement does not penalize you for paying it off early. Remember, you can always pay more than the base payment (as long as you've made sure you won't incur a penalty)...but Marlene is right...mortage companies are not in the business of working things out with you, you cannot pay less and retain good credit and the house. So under these circumstances go for the lowest monthly payment you can get away with and the highest deposit which will leave you at least a solid six payments ahead in pocket. The second you close, make those six payments.

If you've already done that and still feel you can't make it, then this dream house was not meant to be. Set your sights lower, because once you have your first house the rest come easier. And paying rent is literally flushing money down the toilet. Find a modest house, pay it off and build up your finances as Lisa mentioned (very wisely). Then down the road the payoff may be an even better house than the one you are looking at now.

Good luck.

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Replies:

  • Re: Sorry Diane! LOLOL! Silly girl! -- Kat (Tiger's Mommy), 09:08:00 06/24/01 Sun
  • I'm in OH, I also checked into Protective Mortgage Insurance and I think it sounds like a must-have. -- Jessica, 20:04:25 06/24/01 Sun
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