Tag Archives: growing roots

Closing

OMG! We’re closing on our FIRST house together in 15 days! I cannot believe that I will be a homeowner in just over 2 weeks!

A lot has happened in the last few weeks and it has been smooth sailing towards our closing date now that we’re no longer working with Navy Federal Credit Union. I wish we could just close out ALL of our accounts, but that would just be stupid on our behalf. We have too many accounts that are linked to those cards, that I just don’t see the point in disrupting everything just because we’ve had one bad experience with our bank. But I’m glad we dodged the bullet with them as far as our mortgage goes.

Our house sorta “failed” the VA Appraisal portion. Basically, the VA sends out a licensed appraiser to make sure the house is in livable conditions. They don’t want active duty service members or veterans to purchase a home that needs extensive repairs that would overwhelm  them financially. So it’s really just a way to make sure that a service member or veteran doesn’t over extend themselves financially trying to fix a home and then default on their home, causing it to go into foreclosure.

So our house needs to have some minor repairs done in order for them to come out and “re-inspect” the things that failed the first time. Basically, they just wanted to make an extra $100 off the deal. But it’s whatever!

So our agent set us up with one of her licensed handyman connections in the area and he’s heading out to the house to fix the two faucets, make sure the automatic garage door opener works, and to paint our front steps! Another $450 that we’ve put into our home, not including the re-inspection fee of $100. I kid you not, we’ve put out $400 for a broken window (that alone would have failed our home for the VA appraisal), we put out $460 for a home inspection, $450 for the original appraisal fee. We’ve spent $1,900 in like 2 weeks time!!! UGH! That’s not including the $500 “good faith deposit” that you put down when you put in a contract on a home! Thankfully we still have plenty of money in savings to cover the 1/4 point for our 3.375% interest rate, plus the other closing costs.

The expenses of purchasing a home are freakin’ NUTS! Which I already knew that there were a lot of things involved, I’ve done extensive research over the last 2 years. During that time frame, we were working on paying off debts and making sure our credit scores were the highest we could get them before we ever applied for our mortgage loan. We wanted to get the best rate possible without putting out money for points. Obviously, we have REALLY GOOD/EXCEPTIONAL credit in order to get a 3.375% interest rate from the bank. If you are in the process of buying a home or are planning on it in the near future, make sure you shop around for the best rate. Check out your bank’s website. See what the lowest interest rate is BEFORE you apply. Make sure you know what your credit looks like. At the time, when we got pre-approved via Navy Federal the lowest rate was a 3.375%, when we had to get a pre-approved via Wells Fargo the lowest rate was 3.5%, a bank can automatically lower it 1/8th of a point without needing approval from a supervisor, so that’s what our loan specialist did. Since I really wanted that 3.375% rate, I agreed to pay $250 at closing (points are prepaid interest on a loan). Granted it was only $13 a month difference in our monthly payment, but it would have cost us more in the long run to have a 3.5% interest rate over the life of our loan! I’ll gladly pay the $250 in order to save THOUSANDS over the life of our loan.

Being that we are so close to closing, my anxiety is overwhelming. Like part of me is nervous about having another bill to pay. Well 3 or 4 more bills to pay each month…Mortgage, Electricity, Cable, etc. We still pay for the Maryland house, haven’t seen a dime from my in-laws in almost 3 months and before that it was like 4 or 5 months! They are so inconsistent and NEVER make a full “rent” payment so we can stop covering the mortgage payment on that damn house! But oh well, we’ve got a bank who sees that we’re on the up and up and that we can support our household even with two mortgage payments!

I’m so ready for closing day, ready to finally be able to plant roots and watch our children grow! We’re counting down the days to closing!!!! FIFTEEN DAYS!

I’ve started packing and purging the things we do not need anymore. Going to sell a few things, so we don’t have to drag them with us. EEEKKK… I’m so excited that this journey is finally changing chapters. We’re on to bigger and better things, one day at a time!

 

Well I’m off to fix my two little loves and myself some lunch!

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