We’re planning on buying a home. We’ve been renters since we married in 2006 and at least once a month, it seems we find ourselves driving around our city looking at home possibilities. In 2006 homes were outrageously overpriced and a little inner voice told me to wait and not climb under the crushing pressure of a horrible mortgage that I would barely be able to pay the interest on (let alone the actual mortgage).
As we have studied our local market, analyzed our current financial situation, and dreamed our the home that we’ll raise our children in – an entirely new thought was presented to me.
Through a chain of events I crossed paths with Mortgage Guru Phil Strong. He is a man of God, a Kiwi, and has a great accent. But applicably to this conversation – he also knows an awfully lot about mortgages.
So, for Finance Friday – the place where we discuss fun financial tips that might change our lives – I have shamelessly stolen three of his points from his most recent blog entry and am sharing them with you. They are:
- Satisfying your short term desires will cost you more than you realize.
- Paying interest to the bank limits your ability to serve your long term ambitions.
- Failure to look beyond your current thinking means you rob yourself of a more fulfilling future.
The post at http://www.philstrong.com is really worth reading. I fully recommend it. There is a free DVD you can order on the site (you have to pay shipping and handling – maybe $5-$7…TOTALLY WORTH IT).
So, here is this week’s “provocatively relevant” question:
How do you feel about the mortgage you’re in? What would you tell me to do as a first time home buyer? What do you wish you had done differently?