New Years Resolution Down the Drain
By Chris Peace
@krspeace (72)
December 4, 2016 2:35pm CST
Once again my new years resolution was to quit smoking but my wife just told me that now that we both have good steady jobs it should be to celebrate 2017 Xmas in our own apartment. I don't have a penny saved and couldn't even quit smoking to keep my 2016 new year resolution. I am so scared of banks, loans and mortgages and every other article online says the millenia ls do not buy they rent. Am I making excuses!? Is the pressure that we might lose the apartment down the road if i make a wrong decision false!? Thoughts?
8 people like this
9 responses
@PatZAnthony (14749)
• Charlotte, North Carolina
4 Dec 16
It is very easy for us here. We don't do resolutions.
For you-Follow your heart and you will get where you need to go.
1 person likes this
@krspeace (72)
•
5 Dec 16
I love how easy it all makes it..."we dont do resolutions." I would say i should try that...which i will...but by not sticking to them i guess i havent been doing resolutions either right? :)
@JolietJake (50190)
•
4 Dec 16
Honestly, if you don't have any savings, it is quite risky to try to buy an apartment, in fact probably impossible to get a loan to buy one.
A bank is going to want collateral for a loan and won't give it to you using the apartment as the collateral.
You are seriously better off renting until you can get a good reserve built up.
1 person likes this
@krspeace (72)
•
5 Dec 16
the method we want to use for purchasing is a government backed bank loan program. All we need is 5% of the total cost of the house as a down payment in order to get the loan from the bank. Of course if at a point you cannot keep up with payments the bank can take the apartment (collateral).
@mysimplelot (1347)
• Calcutta, India
6 Dec 16
I think it is very difficult to keep your resolutions. But new year resolutions should be kept.
1 person likes this
@JolietJake (50190)
•
4 Dec 16
Yeah, but when you bought it, you probably had some savings already, unless you did a land contract deed with the owner.
3 people like this
@valmnz (17096)
• New Zealand
5 Dec 16
@JolietJake back in those days a section of land to build on cost a few thousand dollars and if you owned the land you were able to get a government loan. We paid our first section off over a year.
3 people like this
@Brittnyrose (1444)
• Aberdeen, North Carolina
7 Jan 17
Its okay to have a little fear. But remember only you can make out your life what you want. Bad things happen All the time but we have to stand on our feet and keep going. You should never give up. Only you can choose the paths to go down.
