I cannot tell you how excited my wife and I are. This afternoon, we are closing on the purchase of our new house!
For the past several years, we have lived in a house provided by my employer. Recently, we decided that the time was right to buy a house of our own. (Honestly, we have been looking for more than two years, but we really got serious about it this past fall.)
Early in January, we found “the perfect house” for our family. After a few weeks of praying about it and crunching the numbers, we made an offer and it was accepted. Going through the loan process was very interesting – and my experience should lead to some interesting articles in the near future.
Obviously, we’re no longer “debt-free”. No, now we’re “debt-free, except for the house”. But, we do have a plan!
We now have a 15 year fixed-rate mortgage, but we plan to pay it off in (less than) 7 years. (In the back of my mind, I’m thinking “5 years”, but that might be REALLY stretching it.) We’ll do so using the same techniques that we used five years ago to pay off our credit card and automobile debt.
To prepare for the purchase, I’ve been making a “mortgage payment” to myself, each month, for more than two years. I wanted to be sure that we were financially ready to take on a mortgage – and I feel that we are. In fact, our monthly payment will be slightly less than the monthly amount I’ve been saving.
Over the next few days, I’ll have a lot more to say about the new purchase, but I wanted to let you guys know what we’ve been up to – and why I’ve been away from the blog. This is a big step for us – and one that we are extremely pleased to take.