My entire purpose of this blog is to track my progress out of debt, especially in consideration with the income that I had starting out. True, my income has increased since I started my climb, but the debt is still there – only one of the four major debts that I have is over 50% paid off.
And then there’s the house. It is an absolutely wonderful looking house. One that would serve our needs possibly for the rest of our lives. We would be able to pick the colors, the layout, everything. It is a shiny new object that flashed its smile so beautifully that it captured the heart and ideas of my wife, and gave me a fever. Unfortunately, the cure was not simply more cowbell.
My readership, though small in number, can be quite eye-opening. First, Jim posted his thoughts on the news. And I was taken back. I really hadn’t opened my eyes to see what I was actually saying. Then I turned to another reader and directly asked for their opinion – what they would do in my shoes. Of course, I realize that perspectives are different, and that I might not take the same course of action that someone else might, but there is strength in numbers. There is a certain validity to multiple people holding the same opinion. Not that it is necessarily right, but it certainly carries more weight.
Then there is the hesitance of the man who would make money from the transaction, the lender. If he is hesitant to grant the loan, and he has a vested interest in selling the loan, then I should allow that to weigh in. His reluctance seems to be in stark contrast with his own goals.
I even went to two other lenders, one with a specific mortgage company, and one who basically shops mortgage companies, and both informed me that the deal was doable, but not, perhaps the wisest move I could make.
As long as nothing goes wrong, and nothing big happens for a while, we would be fine with the loan. Or if our emergency fund was sitting around $10k higher than it is, we would be fine.
So I signed the note that canceled the deal. We may or may not be out our $500 earnest money check, and we may or may not be able to go back in January and work a deal. Most of it will depend on how much progress we can make.
The important thing is, the advice of my readership to take another look at what I was doing helped me out of an emotional decision. Sometimes these mistakes are costly, but better $500 now than a foreclosed home later.
So, Jim, David & Miss Kate, thank you. Thank you for your thoughts and your willingness to speak up.