A blog I follow recently posted about their family’s journey to purchase a new home in Bend, Oregon.
This is a debt-free family who had a sizable down payment, and had worked out their budget to be able to PAY OFF a 15-year mortgage in its entirety after three years.
They did this by renting, saving like crazy, and making the pay off their first priority… knowing that after three years they will be able to have income freed up for travel and other things.
Imagine living in a house you own outright. (Dream come true!)
The “funny” thing is this family had a really hard time finding a lender.
They had no debt, amble money, and an amazing plan.
Just hardly a credit record.
Seems a little backwards, doesn’t it? Especially considering all of those who’s mortgages are turning upside-down these days.
The good news is these guys found a loan (after proving they aren’t in the mafia), got their house, and their story is now inspiring many others (like me!) that all of this is actually possible.
These are precarious financial times we live in, but all of us (I’d hope) are trying to be smart with the money we have – whether it’s a little or a lot.
Q for you: What would you give up in the short-term to be able to own your house outright, quicker? Or be able to buy a house in the first place?
Click Clink Five | Five minutes a day, unedited.