OH MY, I Wonder.....

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Specializes in LTC, Med-Surge, Ortho.

With so many nurses getting fired or resigning from their jobs for whatever reason, I am wondering about becoming a new home owner. I recently talked with a friend who is a nurse and had been at her job for several years, things did not work out and she had no choice but to resign on the spot with no other job and a morgage along with other bills. Most of the time, nurses can usually find other jobs, but there are other factors involved such as; will it be the same salary or higher, will the same hours be availabe and so on. This is really scary for me when i think about it, this is why i pray that God will bless me on my job and help me to make good decisions because we all are at risk of losing our jobs for whatever reason.:eek:

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Specializes in LTC.

I think you should still pursue your dream of becoming a homeowner. If that is what God has for you then it will be for you and He will make sure you have the money to pay your mortgage.

It is scary to know that we can get fired for any reason. We just can't allow that fear to disrupt our lives.

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Specializes in LTC, Med-Surge, Ortho.

Thanks nurselovejoy, you are right I do need to take that chance and don't worry about what is going on around me.

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Specializes in Psych.

My thought is this - As easily as I could lose my job I could also have a heart attack, get hit by a car, or be killed by a psychopath. Things can always go wrong and if you think about those.....you'll never see the good things. Now on the other side - if you feel your job is currently at risk (laying ppl off) or a significant others job is at risk....that would change my mind. Good luck and Happy House Hunting :)

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That's what mortgage insurance is for. It's fairly inexpensive and many lenders require it - particularly if you aren't putting a huge down payment on the home. It pays your mortgage in the event you can't. Granted, you will pay for it in the long run. But, it's your buffer for those few months when you're out looking.

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Generally speaking. Purchasing is not rec at this time in this economy.

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Specializes in LTC, Med-Surge, Ortho.
That's what mortgage insurance is for. It's fairly inexpensive and many lenders require it - particularly if you aren't putting a huge down payment on the home. It pays your mortgage in the event you can't. Granted, you will pay for it in the long run. But, it's your buffer for those few months when you're out looking.

Oh, I didn't think about mortgage insurance, that will help provide a cushion if needed. I am going to pursue my interest in home buying and take each day at a time because we really don't know what each day will bring.:nurse:

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Specializes in LTC, Med-Surge, Ortho.
Generally speaking. Purchasing is not rec at this time in this economy.

Now i am hearing this is the best time to buy a home with the low interests rates and forclosures

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Specializes in Intermediate care.

Ah, me and my fiance are in the same situation. We are currently renting a duplex, which is great but not a smart financial investment. So we are going to become home owners this spring!

We have seriously, sat down and looked at everything. I fear him loosing his job because his company is doing lay offs all the time. He is a mechanical engineer. Luckily, they like him a lot and he is doing great things for the company. But we have to keep in mind, the more he does for the company the more he is going to get paid. The more he is going to get paid, the less they are going to want to keep him and will find someone "new with fresh ideas." That is how he got this job. There was an engineer there that was "making too much" so they let him go, hired my fiance because they could pay him cheaper.

So our fear is not right now, but in 5-10 years down the line, where are we going to be??

When we sat and looked at what we could afford, sure we can afford a really nice house, but is it smart right now? No.

From what we have been researching and talking to certain people, we have just come to the conclusion we need to be able to afford house that one of us would be able to afford alone. If something were to happen, we need to be able to rely on at least one of our incomes.

So my suggestion, don't dive into something that is going to be out of your range to by. Something that will be easier to sell if you need to (i.e. not homes that were forclosed on, or a dump hole).

It's good to think ahead, but you can't live your life in fear over losing your job or non of us would be home owners.!

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Specializes in LTC, Med-Surge, Ortho.
Ah, me and my fiance are in the same situation. We are currently renting a duplex, which is great but not a smart financial investment. So we are going to become home owners this spring!

We have seriously, sat down and looked at everything. I fear him loosing his job because his company is doing lay offs all the time. He is a mechanical engineer. Luckily, they like him a lot and he is doing great things for the company. But we have to keep in mind, the more he does for the company the more he is going to get paid. The more he is going to get paid, the less they are going to want to keep him and will find someone "new with fresh ideas." That is how he got this job. There was an engineer there that was "making too much" so they let him go, hired my fiance because they could pay him cheaper.

So our fear is not right now, but in 5-10 years down the line, where are we going to be??

When we sat and looked at what we could afford, sure we can afford a really nice house, but is it smart right now? No.

From what we have been researching and talking to certain people, we have just come to the conclusion we need to be able to afford house that one of us would be able to afford alone. If something were to happen, we need to be able to rely on at least one of our incomes.

So my suggestion, don't dive into something that is going to be out of your range to by. Something that will be easier to sell if you need to (i.e. not homes that were forclosed on, or a dump hole).

It's good to think ahead, but you can't live your life in fear over losing your job or non of us would be home owners.!

Soo true.:)

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Specializes in PACU, pre/postoperative, ortho.

Buying a house is like having a baby....you can't wait until the perfect time because that would never come. If your finances are in order & you can buy now, then don't let any worries hold you back.

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Specializes in cardiac-telemetry, hospice, ICU.
That's what mortgage insurance is for. It's fairly inexpensive and many lenders require it - particularly if you aren't putting a huge down payment on the home. It pays your mortgage in the event you can't. Granted, you will pay for it in the long run. But, it's your buffer for those few months when you're out looking.

I could be mistaken, but I believe mortgage insurance is for the lender, not the borrower. Yes, the borrower pays for it, but in the event the borrower cannot pay the mortgage, the bank will foreclose and the insurance company will pay THEM to cover their losses because of your default. The borrow is left holding the bag and with lousy credit.

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