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Need real estate advice...
Five years ago DH and I bought our first home...a 2 level TH with an interest only loan. Since then we have had 2 kids (twins, boy & girl). We like our place but it is just too darn small for our family. The kids toys are everywhere and we don't have a backyard (only a deck). So, we would love to move to a SFH with more space but we need a plan.
Our current home was purchased for $315K, but is now probrably worth around $240K. SFH in our area start at $450K and we thought we could save up the 10% and rent out our TH. I've already checked and the rental income would cover everything related to the TH. However, I'm wondering how this type of loan would affect our ability to get a second home/mortage.
I'm a SAHM and DH works for a pharma company. He makes a good salary ($150K) but we have CC debt ($15K) and student loans ($6K). My credit score (815) is better than his (670) and we have some savings ($35K).
Every month we try to pay down debt and put a little extra into savings but I need a plan to help us reach our goal of a SFH...any ideas what we should do to help things along?
Thanks a lot!
-Maryanne
Re: Need real estate advice...
Go to the MM board and post your budget. Those ladies are realistic, but with $15k in consumer debt, I doubt you'll be able to get a 2nd mortgage in this economy.
Oh and the first things they will tell you are: cut cable, cut netflix, cut spending money, etc.
Wives Unscripted
You know I just re-read and totally agree! Take your savings and pay off the cc and SL. Then put all the money you are paying toward those and save save save. I still stand by the original suggestion, somehow you got into that debt, so change your ways to make sure you don't get back into trouble with your cc's.
Wives Unscripted