Narrative Essay On A New Home

1767 Words 8 Pages
As I stood there, I could remember the day we moved in like it was yesterday. The house had been so beautiful, so large, so new, and I couldn’t believe it was mine. The day we had signed the papers, my husband had given me a nervous look and I had known exactly what he was thinking. ‘Are we sure we can afford this?’ The same thought had been bouncing around in my head too, a nagging feeling weighing down the excitement of owning a new home. My husband and I both worked full time, but even with that I knew that we still came up a little short. But I wanted this house so badly and the mortgage loan had been so easy to get, I knew we could make ends meet. If the bank believed we could, surely that was enough. But then the bills started coming in, fast and high. And soon, they stayed unopened, collecting dust on the dining room table. Then the notice came and just like that, after three short months, we were forced to leave. The beautiful home that we had mortgaged for $400,000 was now only worth $250,000. We were upside down, with payments that were way too high for us to keep up with. We had gotten in way over our heads, and our dream home had become a nightmare. It’s been over a year since we left and with hard work and careful spending, we’ve been able to improve our …show more content…
Like the shared equity plan mentioned above, the buyer receives a loan toward the cost of the home, allowing them to take out a smaller bank loan(investopedia.com). However, instead of borrowing the money from the government, the buyer receives the money from an investor’s self-directed IRA (investopedia.com).With this choice, there are also two methods of repayment. One method involves making monthly payments to the investor and the other allows the investor a partial stake in the home, eliminating those monthly payments(investopedia.com).This method keeps the bank mortgage amount lower and gives options to the borrower. The current buyer-friendly market makes this an even better

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