- Apr 2, 2001
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I think a lot of you are under the assumption that we're ready to buy something this year... not reading all of the posts in the thread. We're not ready, nor would we even if we had a sizable downpayment. I want to see prices come back in line with incomes, THEN I'll go get the loan and go shopping. As I mentioned, we don't have any consumer loans. We could conceivably pay off our loans by the time the summer of 2009 comes around, but that would leave us with less in the bank. This is how I would spend my money if I were guaranteed to get the same rate in the end. Home equity doesn't bring down payments as much as the income in my pocket gets me every month, especially since it would be 2011 before I could save $70k for a 20% downpayment. Hopefully housing prices will have stabilized by 2009 so that we could spend even less on a starter home. We originally planned to buy in the summer of 2008, but I don't want to pour money into a depreciating asset.
Again, I'm not looking for advice in how much we can afford, just how to allocate our extra income: savings vs. student loan repayment. I'd head to a bank for an answer straight from the horse's mouth, but their hours are only good for those who are unemployed. :|
FWIW, our wedding + honeymoon is going to set us back around $5k.
Again, I'm not looking for advice in how much we can afford, just how to allocate our extra income: savings vs. student loan repayment. I'd head to a bank for an answer straight from the horse's mouth, but their hours are only good for those who are unemployed. :|
FWIW, our wedding + honeymoon is going to set us back around $5k.