Well, another thing that's not gone quite as I'd hoped - rather than being able to do a conventional loan, I had to go with an FHA, due to the foreclosure I went through when I lost my job back in 2009. Even though I've been out of that place for +7 years now (which is the amount of time that stays on credit history), for some reason the foreclosure wasn't final until April of 2012!?
Anyway, what this means is that I'll have to pay a lot more up-front costs & additional closing fees; most of it will be in the form of escrow, which is the account set up to pay property taxes, and is required for FHA (conventional would have let me choose to pay them on my own). To sum up (as I understand it now) - 11 mos up-front for winter taxes this year, 4 mos for spring taxes next year (but I will get a credit for 7 mos when it's finalized, as the previous owner will have already paid the summer taxes). Also, 3 mos of Homeowner's insurance, and an additional $1900 in fees. Fortunately, there is an options to get a credit on the interest rate. Typically, people can "buy down" their interest rate by "points"; 1/2 pt, 1, up to, I think 2 pts. This up-front money will reduce the interest rate, for example, from 4.25 to 3.85, which, for a 30 yr loan, can be a good idea. In my case, there is an option to do the opposite & get a credit of around $1200, but it means my rate going from 3.85 to 4.25.
Since I plan to have this loan paid off in less than 3 mos, this is an obviously smart choice, and it will reduce my up-front cash needed. This is important, the chimney inspector found about $1100 worth of work needing to be done (there are some other things needing repair on the house as well, but they were minor enough to not warrant negotiations, apparently). We tried to negotiate that into the sale, but they only offered to pay $750 towards closing costs, and to leave the washer/dryer. I really didn't want those old things, but there's not much I can do about it at this point. Anyway, I'm just waiting on mortgage paperwork now; as far as I know, everything has been signed that needs to be, at this point.
I had scheduled a company to refinish my bathtub (enamel over cast iron), and that was scheduled for August 2nd, but the had a cancellation the other day & called me to see if I wanted to have it done now (they're from a city an hour north, and were here in town & didn't want to waste a trip) so Wednesday they came over & completed it. I just got it re-caulked & put up a new shower curtain last night, so that's another bit of progress made.
I did some math & it looks like, even with the FHA loan/fees, I should still be ok to pay the house off before December; hopefully (if all goes right and my house sells quickly) I'll be able to pay it off with my 1st house payment.
P.S. I'm envious of lust-'s ability to connect with people through online dating! I can't seem to get started because all the pictures I have of myself are old, and I suck at taking any "decent/ truthfully representative" good ones myself. And nobody wants to get a message from a profile that has no pictures, because, why no pictures? Ugh. lust-, next time we hang out, maybe you can help me get some good dating profile pics? :-)
5:23 p.m. - 2017-07-21
My profile
Archives
Notes
Email Me!
Random
others:
loveherwell
dangerspouse
catsoul
alethia
annanotbob2
life-my-way
fairybones
misfitstray
swordfern
warpednormal
elusive-you
lust-
comebacktome
ahopeinhell
silver4
kelsi
stepfordtart