Becoming Home Owners - A Financial Paradigm Shift (PART ONE)
*As usual, these lengthy posts are mostly for Burke and I to remember why we made the decisions we did and to document the hand of the Lord in guiding us to where we are today. It's amazing to look back and see Him with us every step of the way.
When we moved to Cedar City, Burke and I began to think seriously about buying a home. Up until that point, our lives had been rather transient. We had known as newly weds that it wasn't the right time for us to buy because we didn't have a clue how long we'd be content in a particular job or city. With the Cedar move, we knew this was our first career-type job and it was time to put down some roots. The home we were renting was absolutely lovely and when the DePoe's said they were ready to sell it, we were excited for the opportunity to buy such a beautiful place.
When we moved to Cedar City, Burke and I began to think seriously about buying a home. Up until that point, our lives had been rather transient. We had known as newly weds that it wasn't the right time for us to buy because we didn't have a clue how long we'd be content in a particular job or city. With the Cedar move, we knew this was our first career-type job and it was time to put down some roots. The home we were renting was absolutely lovely and when the DePoe's said they were ready to sell it, we were excited for the opportunity to buy such a beautiful place.
Shortly thereafter, we went to the bank to see how much they would be willing to lend us. When they told us the amount we qualified for, we were thrilled as the DePoe home was now "in our price range." However, the more we discussed, prayed and crunched numbers, the more unsettled we felt. Sure, we could "qualify" for a loan that would cover the amount of the home, but with home owners insurance, mortgage insurance, taxes, closing costs (not to mention any unexpected home repairs), etc., our monthly payment would stretch our budget to the limit and add a huge stress load to Burke's shoulders, worrying each month about tight finances. We assumed that when Burke's training period was over at work that he would receive a pay raise and begin earning incentive pay as an official loan officer, but who knew how much that raise would actually be or how often the incentives would come. Was it wise to get into a home we could just barely afford?
About this time, we were watching the October session of General Conference for The Church of Jesus Christ of Latter Day Saints. Before conference began, Burke and I had written down a few questions and concerns for ourselves and our family that we felt we could use extra guidance on in our lives, included what would be the best financial move for our family at this time. Elder David A. Bednar's began his talk entitled "The Windows of Heaven" - (FOUND HERE). His topic was tithing, which is a commandment we have always lived faithfully, so I didn't anticipate receiving answers through his talk until suddenly I felt as if he were speaking directly to us when he said,
"We may appropriately desire and work to receive a pay raise in our employment to better provide the necessities of life. Eyes and ears of faith are required, however, to notice in us an increased spiritual and temporal capacity (see Luke 2:52) to do more with less, a keener ability to prioritize and simplify, and an enhanced ability to take proper care of the material possessions we already have acquired. We might want and expect a larger paycheck, but the blessing that comes to us through heavenly windows may be greater capacity to change our own circumstances rather than expecting our circumstances to be changed by someone or something else."
We knew then that it was important for us to get into a home, to begin building equity rather than flushing money down the rent drain every month, but we also felt strongly that we needed to get into a more practical home with a manageable mortgage payment, rather than trying to live beyond our means and hope that the Lord would provide for the lifestyle we were hoping to carry on. We needed to do everything in our power to do "more with less". As we discussed these principles, I felt the Lord's approval of the new direction we were headed in and often referred back to that feeling of peace and confirmation that we had when the next few months became confusing and discouraging.
I'm realizing that I don't have time to write this whole lengthy story out, so I'll end there for tonight. Come back for installment #2 next Wednesday! If not sooner...
"We may appropriately desire and work to receive a pay raise in our employment to better provide the necessities of life. Eyes and ears of faith are required, however, to notice in us an increased spiritual and temporal capacity (see Luke 2:52) to do more with less, a keener ability to prioritize and simplify, and an enhanced ability to take proper care of the material possessions we already have acquired. We might want and expect a larger paycheck, but the blessing that comes to us through heavenly windows may be greater capacity to change our own circumstances rather than expecting our circumstances to be changed by someone or something else."
We knew then that it was important for us to get into a home, to begin building equity rather than flushing money down the rent drain every month, but we also felt strongly that we needed to get into a more practical home with a manageable mortgage payment, rather than trying to live beyond our means and hope that the Lord would provide for the lifestyle we were hoping to carry on. We needed to do everything in our power to do "more with less". As we discussed these principles, I felt the Lord's approval of the new direction we were headed in and often referred back to that feeling of peace and confirmation that we had when the next few months became confusing and discouraging.
I'm realizing that I don't have time to write this whole lengthy story out, so I'll end there for tonight. Come back for installment #2 next Wednesday! If not sooner...
Comments