In 1994, I was a secretary for a real estate investment firm, living by myself in a tiny apartment. My car was on its last legs and I was sitting in a finance class learning about different ways to finance a home purchase. It was a requirement to renew my real estate license, otherwise I wouldn't have been there. I was daydreaming about the new car I was planning to buy when something about adjustable rate mortgages caught my attention. I started doing the math and realized that a home of my own just might be in reach. I checked my calculations with one of the real estate analysts at work the next day and with a little encouragement, found myself sitting in a Realtor's office that weekend.
I was scared to death, a single woman, buying my first home, in Orange County no less. I couldn't qualify for the loan on my own, so I called my mom and told her about the plan my Realtor and I had worked out. I would keep a little money in savings in case I got into trouble, and when interest rates went down I'd refinance and take her off the loan. Yes, she would co-sign on the loan.
The only thing I could afford was a cute little condo in Laguna Niguel, CA but it was perfect! So I got my car fixed, signed the purchase agreement and went through the escrow process. Yes, it was scary, but with the guidance of a good Realtor, my dream of owning my own home became a reality.
I will always remember watching the news a few days before escrow closed; O.J. was doing his infamous slow-speed chase up the 405. I could have cared less. I would own my first home in a matter of days. That was far more important to me.
Now, almost 15 years later I'm in a larger, single family home with a yard for my dogs, and I've never looked back. I encourage single women everywhere to find a good Realtor and make your dream of homeownership a reality. You'll be glad you did.
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