I am scheduled to sign mortgage papers next Monday, but to be honest, I’m having some serious doubts.We started constructing our house about three years ago and have paid for everything out of pocket so far. The structure is now closed and roofed, the windows are in, and we recently finished the electrical work. We applied for this mortgage specifically to finalize the interior. The loan would span 20 years and consume approximately 30% of our monthly income. We plan to make extra payments from the start, which could potentially shorten the term to 12–15 years.Currently, we are living with my wife’s parents. We don’t have many financial worries beyond the cost of food, but the living situation is complicated. Her stepfather is an alcoholic; while things have been calm lately, he was abusive in the past. We are also raiisng a son (4yo) and we are planning another kid soon. If we choose to finish the house without a loan, we will likely have to live here for another 4–5 years. Given inflation and rising construction costs, it might actually take even more money and time than we anticipate.Still, I’m hesitant to commit 30% of our income to a bank for so many years. I’d love to hear some opinions—what would you do in my position?
I'd ask to one or more financial advisors instead of opening a thread on 4chan
30% of your income is NORMAL in Europe, that's where the banks draw the line, you can get a loan up to 1/3 of your income so you're not, theori in a deep dept. I would get a loan, raise my kids in MY houseyou're not only paying for the house but for a family (your own), your kid is 4, he'll be living with a drunk grandfather until he's 9-10yr, imagine what habbit he'd learn.
>>34453989Buyer's Jitters are normal and universal - and almost always unnecessary. If it helps, you sound like you have the whole thing better figured-out and planned than most.
