- Owning my own home had always been a lifelong dream of mine.
- I waited too long to start looking for homes, however, and my age became a disadvantage.
- I got a mortgage at 55 but felt as if I would have qualified for better terms if I'd been younger.
I knew I didn't want to rent forever, but different life situations kept pushing aside the dream of homeownership.
I live outside the US and spent two decades of my life staying in my partner's home. I never saw the need to branch out and get my own place.
On countless occasions, he said "Mi casa su casa," and for the period of our relationship, his home felt like mine.
After we mutually parted ways, and I was out looking for an apartment, reality hit me hard: I was 55 and didn't own my own place.
I waited 2 years before getting my mortgage
I started looking for homes in 2022 but decided to wait and see whether home prices would go down so I could purchase something in cash. I waited for about two years, but prices never dropped.
So, in March 2024, I started looking at mortgage options. I'd read plenty of stories online, however, from people in my age group about rejection and urging others not to waste their time.
I got more discouraged by the minute, but a fire in me refused to let me give up. So, despite my low expectations and worries that I wouldn't qualify because of my age, I sent applications to different lenders to see what would come of it.
Six weeks later, I got my first call back from one of the mortgage lenders. After accounting for my age, savings, employment, pension, and credit card debt, the lender said I qualified for $300,000 at 6% interest to be paid back over 10 years.
I kept shopping around to see whether I could find lenders with longer repayment times and better terms. All of my offers were about the same.
Looking back, I wish I applied for a mortgage earlier. There were better terms for younger people with an income, like qualifying for 15- or 30-year repayment periods. Ten years was the longest period I was offered.
In the end, I went with the first lender.
What helped me get my mortgage
I had a few good things going for me that helped me land my mortgage.
First, I had a solid credit score, 720, which I'd earned from paying down my debt with regular, on-time payments over the years. I also had minimal credit card debt by the time I applied.
Second, I had over $120,000 in savings and put up half of it toward the down payment for my home. I pay about $2,300 a month for the principal and interest.
My lender also advised that a guarantor would strengthen my mortgage application. So I talked to my older brother, who agreed to serve as my guarantor.
I got my dream home in the end
I remember getting the keys to my home, and I'm still obsessed with it. The kitchen is something out of a dream, and the backyard has the most beautiful garden I've seen.
I've lived in my home for seven months and can confidently say it's one of the best investments I've made for myself.
