By David M. DruckerThe WSJ • Mar 4, 2018 6:04pm ETNathan Smith and his wife, who is working on their own real estate plan, had to do the unthinkable: They needed to take on a $1,000,000 mortgage on their house in West Virginia, according to financial planners.
“It was the most stressful decision I’ve ever made,” Mr. Smith, 25, said in a phone interview.
The $10,000 was enough for the couple to buy the house in a town with a median household income of $39,500, about $1.15 a week.
“We were ready to give up everything else we had in our lives, including our dreams and our lifestyle,” he said.
“This is something that will make a big difference in our family.”
The couple was on the brink of moving out of their West Virginia home with the help of a local community bank, which offered them a loan of $100,000 to buy it.
But when they asked for the extra $10 to cover their mortgage payment, they were told that the bank was not prepared to lend that much money.
They had to take out the loan themselves.
“When we first approached the bank, they said that they didn’t have a lot of money, so they would not be able to help us,” Mr and Mrs. Smith said.
The couple, who had worked as part-time contractors for six years, were shocked.
“The only way we could make it work is if we borrowed $1 million,” Mr Smith said, adding that they are now “living off” the $10 million they borrowed.
The couple also decided to take their savings and sell their car, because they don’t want to put it in storage.
“It is really important for me to make a down payment so that we can afford the mortgage, because that’s where the biggest stress is,” Mr Taylor said.
When the couple first decided to sell their house, they didn.
They didn’t think much about it.
Now they say they’re not ready to put their savings away.
“I have a couple of kids, I’ve got a house and a car, I’m saving money for retirement,” Mr Anderson said.
He is a former truck driver who said he has been saving to buy a house.
“I feel like I have a solid roof over my head.”
Mr Smith is now working part-Time for a local nonprofit, but he said he wants to move on with his life and be financially independent.
“My job is paying bills, and I’m not a lot on the side,” he told the WSJ.
“That’s why I don’t think it’s going to affect me.
I’m more of a workaholic.”
The mortgage is part of the monthly payments on the loan, which is typically about $3,500 a month, and the monthly interest rate is about 2.5%.
“You’re getting a big percentage of your monthly income that way,” Mr Miller said.
If you don’t have any down payments, you are not eligible for the money back on your mortgage.
The average monthly mortgage payments in the U.S. are $1,” and the average monthly interest rates are 4.2%.
The average house price in the West Virginia town of Williamsburg is $1 billion, according the U, and a median home price of $35,000.
The median income is $46,000 and the median household debt is $37,500.