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[quote=Anonymous][quote]We can't save a dime because of the money we are dumping into a rental.[/quote]

I get that home ownership is something that you really want, but I dislike the attitude that renting is "throwing away money."  I mean, you need a roof over your head, whether you buy or rent, right?  If you put a tiny percent down with a really awful interest rate, I kind of feel like that's "throwing away money" in a sense...to the bank.  It takes a long time to build equity that way.  Also, if you're counting on refinancing, what if interest rates go up?

On top of that, home ownership is more expensive than it seems.  There are repairs, local property taxes, maintenance, and it all adds up.  Sure there's the mortgage interest deduction, but unless you have a healthy emergency fund, I don't really know you would be able to handle home repairs.  It is kind of nice to just call up your landlord and get them to take care of it. I personally also appreciate the mobility that renting allows, and the ability to move someplace with a better commute if you or your husband have a job change.

I would keep renting and rebuild your credit.  The daycare costs are going to ease up in a few years (yes, there's camp and afterschool and so on, but it probably won't be $2,000 a month) and you should have a little more room to save.  In the meantime, try to look on the bright side of renting.[/quote]

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