As you know, Lobster and I have started the process of seeking pre-approval for a home loan. This is both exciting and uber-scary all at the same time. Especially after last night when Lobster had a mini-freak out after talking with his dad about trying to buy a house. I think the gist of what Lobster is freaking out about is whether we should try to buy a home when we still have a lot of debt to pay off. Lobster is not so sure. I, on the other hand, have no fear. But am I wrong?
Here's the deal: I have a lot of debt. I have eight years of student loan debt looming over my educated head. I can't help this and I do not regret it. My parents, as much as they wanted to, simply were not in a position to send me or my sister to school. If I wanted an education, I had to get it myself. Loans were my only option. On top of that, I have a few credit cards that have balances that need to be paid off. I will not lie; some of the debt on my credit cards are from stupid and unnecessary purchases. But the majority of credit card debt is from having to rely on those cards during college, law school, and the first few years of practicing when I had no other means of living because I just wasn't being paid enough. This I cannot help. This I will not apologize for. If there had been another way, I would have taken it. There simply wasn't.
In sum, my net worth is non-existent. Yes, I hate the fact that I have more debt than God, but there is not much I can do about it but diligently pay it off, which I have been doing and will continue to do. But the fact that I have debt should not preclude me from buying a house if (1) we can get a loan with a good interest rate, (2) we can find a good deal on the price and quality of the house, and (3) the monthly payments for owning said house would be around the same amount we pay each month in rent.
Am I wrong to think this way? Surely, it's better to own and build equity in a home than to throw away money on renting for the next billion years (which is how long it will take me to pay off my debt, by the way) if the total monthly cost is approximately the same, is it not?
Somebody help me out here. Am I being silly? Selfish? Too optimistic? Completely absurd?
Here's the deal: I have a lot of debt. I have eight years of student loan debt looming over my educated head. I can't help this and I do not regret it. My parents, as much as they wanted to, simply were not in a position to send me or my sister to school. If I wanted an education, I had to get it myself. Loans were my only option. On top of that, I have a few credit cards that have balances that need to be paid off. I will not lie; some of the debt on my credit cards are from stupid and unnecessary purchases. But the majority of credit card debt is from having to rely on those cards during college, law school, and the first few years of practicing when I had no other means of living because I just wasn't being paid enough. This I cannot help. This I will not apologize for. If there had been another way, I would have taken it. There simply wasn't.
In sum, my net worth is non-existent. Yes, I hate the fact that I have more debt than God, but there is not much I can do about it but diligently pay it off, which I have been doing and will continue to do. But the fact that I have debt should not preclude me from buying a house if (1) we can get a loan with a good interest rate, (2) we can find a good deal on the price and quality of the house, and (3) the monthly payments for owning said house would be around the same amount we pay each month in rent.
Am I wrong to think this way? Surely, it's better to own and build equity in a home than to throw away money on renting for the next billion years (which is how long it will take me to pay off my debt, by the way) if the total monthly cost is approximately the same, is it not?
Somebody help me out here. Am I being silly? Selfish? Too optimistic? Completely absurd?


















