When I bought my first home it was $19,000. And I didn't have the total I needed for a down payment. So I scheduled the closing for the afternoon and went to another bank in the morning and borrowed $1,000 so I could cover it and it would not show up on my credit report.
I had just got out of college and started working for IBM and made $8,500 a year. So I did have a decent jobs, made about 40% of the home cost and thought I had signed our life away with a 20 year mortgage. Today the ratio between salary and home cost is a bigger gap in most places, but mortgage loans now are 30 years. And the houses are bigger. Mine was a 4 room cape, no garage, unfinished up stairs. I finished the upper level myself, added some fencing and landscape and sold it 2 years later for $26,900 and thought I made a killing. By then I was over $10,000, my wife was a school teacher making $5,000 so we bought a bigger house for $45,000. Even had a 2 car garage. And the journey was on.
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Life is to short to drink cheap wine.
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