Thursday, March 2, 2017

All of the paperwork is in, and now we wait

Image: http://www.mortgageloanmanager.com/wp-content/uploads/2016/04/Mortgage-application-30-year-rates.jpg

I submitted my offer as a contract on Monday, before the 6 p.m. deadline.

On Tuesday morning, I learned that I was picked over other offers, being told that paying full asking price, with 20% down, being preapproved for a mortgage with no PMI,being in a rental vs having to sell a pre-existing home, and using a local bank were all tipping factors in my favor. My 1% binder is in escrow.

I have secured a bank approved, real estate attorney and have secured an inspection service.

I have met with the VP of the mortgage dept twice now, submitted all documentation, with me signing a plethera of forms today.

The bank appraisal should happen soon, the inspection will be next Thurs., with  additional monies due, via bank check. I will address that next week (due 3/13).

I've created a new, anticipated household budget and a cash flow projection. I also wait for notification of a confirmed retirement amount (only estimations were provided) as well as the start up of my retirement checks.

I continue to also monitor jobs, applying and reapplying to ones which are suitable. I do have 6 months of current living expenses stashed away, and may* need to dip into that, after depleting my savings in order to put 20% down and having an additional $10,000 at my disposal for all closing associated costs.

Additionally, I may* need to get creative (it's all a matter of timing) to get an additional $10,000 to cover anticipated repairs/upgrades. I will have more work that I will want to do, Rome wasn't built in a day, I will do it in phases, prioritizing tasks. I will save funds, then spend.

6 comments:

Florence said...

Buying a home is exciting but it is also exhausting. Glad that things are going smoothly so far. Good luck.

Carole said...

Hope that all goes well, and that you will soon be settled in. The constant moving has to be exhausting.

CTMOM said...

Florence, yes both exciting, as well as nerve racking! This will be my forever home, that I would age into. The 2 levels, separated by literally one step from the bedroom/bathroom/entry wing down into the living wing encompasing the living room, dining room, kitchen, laundry with 1/2 bath is fine. Although I was wishing for completely one level living, which is very, very hard to find here, this will be totally OK with me. As a compensation, I have a laundry room on the main level-awesome!

CTMOM said...

Carole, yes moving is a pain, and can be very expensive. I've got that monster tamed, however. I will downsize a bit of my furnishings, some of our clothes, extra kitchenware that I simply do not use. I am looking forward to entering a new phase of my life, in my forever, retirement home.

TrayceeBee said...

How exciting for you! Good luck with a smooth transition from renter to homeowner again! It looks like you have everything covered! =)

CTMOM said...

TrayceeBee-thanks, I've worked very hard to get to this goal. Bank mortgage lender was impressed that post divorce, I am not bankrupt, I have no debt, my credit score is around 800 and I have been able to amass $$,$$$ for a down payment plus $20,000 more to cover my closing costs and remodeling. I've provided a slew of paperwork/documentation for the loan officers in the mortgage dept, so hoping that is settled. The appraisal is key, as will be the inspection report. Keeping fingers crossed that this can come to fruition.