I picked up the phone today and made one of the most nerve wracking calls I have ever had to make; I called the realty department of my credit union! Napi and I are scheduled to take a home-buying seminar in a few weeks, and we've received informal indications that our salaries will more than likely qualify us for a loan decent enough to purchase a house in this area. Of course, qualifying is one thing - actually being able to make the payments is something else. But I am confident that with some planning and careful budgeting, we should be good to go.
A significant weight hanging over our head is the prospect of spending around $2500 per month for a mortgage - which is probably a low figure; I'm guessing it'll be closer to $3k, maybe more - and another $1000 per month on daycare for Peanut. But then came surprising news from the tundra! Momma Soul may take a break from the Alaska scene and snag a job here in the area! That would be hugenormousignificant!! We'll have to see how things play out, but as always we must maintain a positive outlook while planning for any scenario.
So now I need to break out some books - perhaps real estate for dummies - and figure out our options. Do we do a traditional down payment 30 year fixed rate loan? a 5/1-40 as the mortgage rep suggested, thereby avoiding the absolute and complete annihilation of our savings? An 80/20 like a good friend of mine? This stuff is mind numbing! The only thing I know for sure is that I'm not doing PMI!!
Napi is absolutely exhausted at this point. She's barely able to stay on her feet of late, and tonight she all but collapsed on the sofa before dragging herself to bed. She thinks this may be anemia and plans on asking the doctor to check her blood once again. At the rate this is going, she may be on bed rest by the middle of June...
Watch Him Grow!
