Tuesday, July 7, 2009

My plans fell through...

...we were looking at buying, but someone didn't take care of his credit and we couldn't get financing. I am disappointed and a little bit angry. I don't make enough to buy a house on my own (even if he was helping to pay mortgage payments). NOW because we gave notice to my place already, I need to find an apartment/basement suite/duplex for September 1 2009. Nothing like moving when there will be a slew of students looking for places too. One that will allow my dog.

I am thinking about my options.

1) Look at what I can be approved for on my own and consider buying my own condo. This can then lead to an investment in my future that i can either rent out later on for income or sell.

2)Find a place to rent that is obviously cheaper then what I am paying right now. And save, save, save the difference...while paying down my credit card bill even more.

3)Sell everything I own and go on the road with my dog and my cat living adventures as we migrate from town to town (this is never going to happen but I like things to be in thirds)

I really am leaning towards choice one. But I know this is not something that is going to happen in 6 weeks. If I go with choice two, I will be in a lease for 12 months somewhere which means I have time to save. A may be able to create better credit in that time too.

And also, now that I won't be moving in with my dad I will have to pay rent for somewhere in September. This puts a damper on my loan repayment plan...maybe.
Right now I am requesting a $100 extra payment. Then I pay a scheduled $100 on July 17th and a scheduled payment of $100 on July 31. July 31, I will also request an extra $150 payment (The $50 saved from July 2, 16th and 31st's pay cheques for this purpose). This means by July 31st I will have paid $450. I owe about $1100 right now, so August 1st, the amount will be down to $650.00. 2 schedule payments of $100 each will bring the amount owing to $450. I save $50 extra from each payment to put towards the loan so that's $100 more paid (amount owing would now be $350). I think if really scrimp, I can come up with $350 extra dollars from now till August 31 and my loan will still be paid off. It means an extra $87.50 a pay cheque. Or I can "borrow" this money from my down payment account.
Either way, I believe it will be beneficial for me to have this loan out of my life. And I will figure out a way to have this happen this summer.

1 comment:

Canadian Saver said...

Oh I missed the part where you won't be moving in with your dad. And it's too bad about A's credit. Is he doing anything to get his rating up?

Good luck finding another place to stay!