Schneed10
02-16-2018, 04:09 PM
I'm going to say this is good news, at least I think it is. My wife and I have decided it's time for us to move. We have lived behind her parents (the street over, through the woods) for 5 years, and just recently, my wife and her mom have kind of been at it with each other. It's all over our son. Her mom is kind of opinionated when it comes to raising children. Anyway, we decided it's best to put our house up on the market and find another place to live.
Now, ever since we've gotten married, we've been snowed under with debt, whether if it was car loans, house stuff, medical expenses, student loans, etc....we've owed for it all. Last year, we took out a second mortgage to kind of "pay off" a lot of debt (in reality, just consolidating to have one easier monthly payment to deal with.) Certainly when you sell your home, your second mortgage comes due. That being said, we've built up enough equity in our house where we pay off all of our existing debt and still have a few thousand left over to help fund a college fund for our son, an emergency fund, as well as have money left over to put toward another home.
That being said, we're going to be able to find another home (about equal to the value of our existing home) with a clean slate and a much better financial standing! I can't wait for a change of scenery, but I also can't wait to be in a position where the only thing we owe is a mortgage. I can deal with that!
That is truly great. Debt can feel like such a cage. You're a good example of why owning your home is something everyone should try to find a way to afford. The appreciation on that asset can be a financial cushion to fall back on and you just illustrated why.
You got out of the cage because of your foresight to buy a house. You didn't just luck into it. Good on ya, you earned it.
Now, ever since we've gotten married, we've been snowed under with debt, whether if it was car loans, house stuff, medical expenses, student loans, etc....we've owed for it all. Last year, we took out a second mortgage to kind of "pay off" a lot of debt (in reality, just consolidating to have one easier monthly payment to deal with.) Certainly when you sell your home, your second mortgage comes due. That being said, we've built up enough equity in our house where we pay off all of our existing debt and still have a few thousand left over to help fund a college fund for our son, an emergency fund, as well as have money left over to put toward another home.
That being said, we're going to be able to find another home (about equal to the value of our existing home) with a clean slate and a much better financial standing! I can't wait for a change of scenery, but I also can't wait to be in a position where the only thing we owe is a mortgage. I can deal with that!
That is truly great. Debt can feel like such a cage. You're a good example of why owning your home is something everyone should try to find a way to afford. The appreciation on that asset can be a financial cushion to fall back on and you just illustrated why.
You got out of the cage because of your foresight to buy a house. You didn't just luck into it. Good on ya, you earned it.