Re: Home Loan
The only problem I see is your timeline. You owe 11K and can afford to pay 1K/month, so in 11 months you will be debt free. THEN you can start saving for a downpayment which ideally should be 20% of the purchase price. As much as you might dislike renting, it doesn't make sense to rush into a purchase without enough money upfront.
Don't forget that there is a lot more to buying a house than the mortgage payment. There is taxes, insurance, maintenance, lawn care, snow removal, furniture, appliances, etc. All things that are probably covered by your rent currently. Becoming a homeowner is an expensive proposition. Don't rush into it.
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Steve
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