Our Home Equity Line of Credit Paid Off All of Our Credit Card Debt.

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Home Purchase Details

City/State: Oceanside, CA

Neighborhood: Loma Alta

Purchase Year: 2021

Home Type: Single Family

Home Price: $750,000

Down Payment: $85,000

Interest Rate: 3.0%

Loan Type: Conventional

3 Bed | 2 Bath | 1800 Sq Ft.

Age: 33

Job: Realtor

Amount in Savings: $6500

Debt at Time of Purchase: $12,000 (Student Loans) + Credit Card Debt

Number of Homes Owned: 1

Currently Reading: A married couple who took advantage of the 3% rates in 2021, but didn’t have the easiest time securing a home.

What amenities did your home come with?

Large side and back yard, updated bathroom (It was basically a huge fixer-upper)

Did you have any debt when you bought or inherited property?

My husband and I bought the house together. We both had some credit card debt that is now paid off as we did a HELOC on the home to pay it all off and have one lump sum payment. I have some student loans that I am still currently paying off.

“We both had some credit card debt that is now paid off as we did a HELOC on the home to pay it all off and have one lump sum payment. I have some student loans that I am still currently paying off.”

Relationship status at the time of purchase:

Married

If you bought while in a partnership (purchased together) did you share finances? How did you split the finances/purchase funds?

We did share finances. 

Where did you get the money for your down payment or for the property if you paid in cash?

We were gifted the funds from my husband's father for the down payment. 

Are you and have you always been solely responsible for your mortgage payment?

Yes

Did your relationship status change while owning your home? If so, what was the impact (if any) on your ownership?

Our relationship status stayed the same, but we did add a baby to the mix. 

If you still own, do you know what your home is worth now?

Yes, $1,075,000

How did you plan to purchase your home? 

We worked with a realtor/friend and were actually looking in the south OC area of CA but settled in Oceanside because my husband was working on building two new hotels downtown. We thought the property value would go up after the completion of said hotels. 

“[We] settled in Oceanside because my husband was working on building two new hotels downtown. We thought the property value would go up after the completion of said hotels.”

Have you/did you feel any pressure or expectation to buy a home? In what way did your family/friends or social circle impact your decisions to buy and/or sell?

We felt pressure as we knew the interest rates were at an all-time low and we had to pull the trigger to buy before they went back up. It was also during Covid and we were nervous about the outcome of everyday life and wanted the security of owning our own home together and not renting anymore. Our rental at the time that we were living in was also for sale and we were not sure what the homeowner's next steps were - if they would let us stay in the home or have us move so their family could move in. 

What amount of risk do you believe you've taken on through the process of owning and/or selling real estate? 

2 / 5

If you'd like to explain your risk number, please share.

I don't think it was very risky, of course, there is always some risk involved, but I feel we made the right decision and our mortgage payment is a lot lower than most nearby rental prices for our type of home. 

“I feel we made the right decision and our mortgage payment is a lot lower than most nearby rental prices for our type of home.”

If you could do it all again, would you? Is there anything you would change?

I would do it again in a heartbeat. Owning our own home is a dream come true. We completely remodeled our 1960s home and if I could do anything over again, I would rip the carpet out in the master and unveil the beautiful hardwood floors the home was built with! MY BAD! 

What is next for you in real estate?

We have a meeting with an ADU contractor this Friday and are hoping to add an ADU to our side lot this upcoming year.

Tell us about your experience with your Realtor (if you have one!)

Our realtor was also a friend and she did a great job.

Tell us about anything unexpected (good or bad) throughout your buying, selling, or ownership experience.

The housing market was BOOMING at the time and not in the Buyer's favor, that is for sure. We battled against other buyers at the time constantly, trying to outbid over 30+ offers on some properties. We landed on our current home and got so lucky to do so. This home was owned by a sweet older couple and all they wanted was to sell to a young and growing family. Money did not matter.

Please add any information that deepens the story about you and the homes you've bought and sold.

We put our blood, sweat, and tears into this home. We knocked out walls, added hardwood floors, put palm tree wallpaper in our ‘60s pink master bathroom, and did it all with love. It is a piece of both me and my husband. We loved converting our guest bedroom into our baby's room and worked endlessly to pick paint colors for the home. We are the only one on the street with a canary yellow front door and I wouldn't have it any other way. We have gone through loss in this home, put our elder dog down in the living room, and have gone through major life changes (i.e. a baby and two new cats). Though we have only owned this home for a few short years, it has turned our lives upside down for the better and we wouldn't have it any other way.

“I would do it again in a heartbeat. Owning our own home is a dream come true. We completely remodeled our 1960s home and if I could do anything over again, I would rip the carpet out in the master and unveil the beautiful hardwood floors the home was built with! MY BAD!”

Like what you read or have questions for our homeowner? Drop them in the comments below. *Friendly Reminder: Kindness always wins. 

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The goal of Homeowner Diarie$ is to share stories about how others have bought and sold real estate and does not serve as advice, or reflect the views of Better Mondays.