As you know we do a monthly group writing project with the PF bloggers.  This month the theme is Personal Experience with loans.  Feel free to participate and link back to the project here.  But onto this month’s group writing project.

Well I’ve been stumped over what to write and how to write about it.  So I decided to talk about getting a mortgage and what I did wrong.  Financially I don’t believe I made a mistake. I read everything I could on what a mortgage was, how it worked, the tax benefits, etc.  I had to do extensive research on the subject and probably spent around 3 months just learning about mortgage.

I did not really read about real estate, but I had a great agent.  Actually a friend’s mom, so she was honest, helpful, and very thoughtful.  She explained the pros and cons of buying 1 bedroom versus 2 bedroom condo.  She ALSO gave us tips on staying within certain parameters for affording a home.

But the truth is my DH and I would have been better off if we had asked others for advice.  But we didn’t.  For a couple of reasons.  We were young, 22 and 24 so we knew people would discourage us from our financial mistake.  Second, we were unmarried, yes living together a few years but unmarried.  Another big, red disaster flag waiting to fly.

So my regret is that during a very stressful and difficult time we should have leaned on others like our parents, friends, and family and asked for advice.  They could have helped us make good decisions.  Don’t get me wrong, things worked out great, but the situation could have easily have gone south.

We were navigating in uncharted waters, inexperienced, and advised by people who wanted to make a profit off the deal.  Sure our agent was a very good woman, but looking back, we could easily have been fleeced.  Or she might have egged us into buying something unaffordable.

I guess the thing is when you are considering taking out loans for a house, car, education, etc I think it’s best to talk to others who have experienced the situation for advice.  That way you have personal knowledge about what can go wrong or happen.  And you aren’t just trusting what you read in a book or online.

I haven’t met anyone else yet who bought a home without talking to anyone.  So maybe I was alone.  But for those considering doing something financially risky like buying a home, when you are unsure, trust your gut and talk to your friends and family.

The second time we bought a condo, this time we talked to people and got a lot more advice and help.  Sure not all of it helpful, but still it did feel good.  Besides buying a home is a huge step in a person’s life, might as well get as much help as possible.

Hope you check out other PF blogger’s stories as well!