can we afford a new house?
Hi All! We are currently living about an hour outside of Cleveland Ohio. In 2003 we purchased our condo for $ 80,000. Last year, we refianced and consolated our debt for a new balance of $ 84,000. For that loan, we had our condo reppraised for $ 98,000. Our monthly mortgage payment is around $ 850 plus a $ 100 condo fee. When we refianced we were informed that if we payed off the balance within three years, we would have to pay six months of interest.
Now we have our second child on the way and would love to move into a new house with a yard and basement! :o) My question is, do you think think it would be a smart move to at least look into what kind of a loan we can get at this time. I am currently attending nursing school so we will definitely have a second income within the next year or two. I just feel like for what we are paying for a condo, we could be living in a house. I was thinking somewhere between $ 100k and $ 125k.
Thanks for any advice you can provide!
We pay our own insurance and property taxes living in the condo as well.
when we bought the condo we had three years fixed and then it went to an adjustable rate. That’s why we refianced and consolated some debt.