The article reflects on the author's long-held dream of homeownership that materialized later in life. At age 55, after living in a partner's home for two decades, the author faced the harsh reality of needing a mortgage. Despite two years of waiting, home prices did not drop as anticipated. Finally, in March 2024, the author applied for a mortgage, qualifying for $300,000 at 6% interest over ten years. The experience highlighted the struggles older individuals may face in securing better mortgage terms and the regret of not applying earlier for potentially better options.
Owning my own home had always been a lifelong dream, but beginning my search later in life limited my options and potential terms.
After two years of waiting for prices to drop, I learned that my age played a significant role in my mortgage qualifications.
Despite feeling discouraged by stories of rejections for older applicants, I persevered and applied for a mortgage, ultimately qualifying for $300,000.
I realized too late that starting my mortgage journey earlier could have led to better terms, like longer repayment periods.
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