This week has been exciting and frustrating and stressful all at the same time. Purchasing a house is such a huge financial decision and there's just so many aspects that go into the purchase. I can't wait for this process to be over. We're currently still in the option period, although that ends Sunday at midnight, and I'm really hoping that every goes well. The inspection came back really clean except for the roof and we're having some roofers out to inspect it today and we also have the appraisal going through. There's no damage to the actual structure of the roof but the inspector was saying the shingles needed to be replaced but the homeowner's are saying no. So who knows what will happen. As soon as the final price is agreed upon, a huge burden will be lifted because then there's no more negotiating and no more issues. Just answering stupid questions from the loan writer about where this money came from and where that money came from.
Another big decision that's been weighing on me is whether we should go with a 15 year or a 30 year mortgage. Our minimum monthly payment with the 15 year is higher but the total interest paid is much less. I know the 15 year is probably the best route, but part of me wants to do the 30 year in case for any reason I lose my job things will just be tight but not unbearably so. I know I can use my dividend income to help lighten the load in that situation but it's still something that is bothering me. Plus that's an extra $400 that the portfolio would need to churn out every month, so an extra $135k invested at 3.5%. Getting through this process and back to saving and investing is going to be such a relief.
Thanks to everyone that stopped by and mentioned Passive-Income-Pursuit this past week. I truly appreciate it.
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I hope you have a great weekend. I'm luckily going to be heading back home early next week and will get to be off for around a week.