We Bought The House We Could Afford

Four years ago, my wife and I began to search for a new home.  Our family had grown and we were looking for a new place to live – our home for the next 20+ years.

Before looking for our new home, we spent several months saving up enough money for a down-payment.  Our goal was to avoid PMI – private mortgage insurance.  Once we had saved up our down-payment, we began the process of looking for our new house.

We set a budget – a desired purchase price and a desired monthly payment amount.  We began our search with these numbers in mind – and fixed.

One of the things I was concerned about was qualifying for a mortgage.  We had never been through the process before – and were a little apprehensive.  Our credit scores were fine and we were debt free, but the housing market was in an odd place.  So, we placed a few calls with some local mortgage companies and did some research on the internet – and we were amazed.

We not only qualified for the amount of money we needed to purchase the home – we qualified for more than we needed.  Much more.

We had a decision to make – to stick with our original plan – or to look at bigger, more expensive homes.

We live in a rural area where home prices are relatively stable and reasonable.  The amount we qualified for would have allowed for us to finance a very nice home – but we would have quickly become house-poor.  The monthly mortgage payment would have really put a strain on our budget.

afford a mortgage

Instead of focusing on the amount for which we had been approved – we stuck to our budget.  We purchased a home that we could both afford – and enjoy.

We love our home.  It’s not fancy, but it’s in a nice, quiet neighborhood.  Our kids love it and we are blessed to have it.  Our goal is to pay it off in less than 15 years – 10 would be better – and we’re thankful that we maintained level heads and purchased within our means.

As I look back, it would have been fun, on some level, to look at those much bigger, much more expensive homes.  As I look forward, I’m thankful that we stuck to our plan, stuck to our budget, and chose the home that we did.  Blessings.

Tweet about this on TwitterShare on Facebook0Share on StumbleUpon0Pin on Pinterest0

2 thoughts on “We Bought The House We Could Afford

Comments are closed.