...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.