Work went by really fast because I was leaving at 12 and I wanted to get all of my new emails answered. It was just one request after another but I managed to complete all of the most urgent things and still leave on time. Driving to the house only took 20 minutes without traffic. Everything looked fine. The weeds are getting very tall. Bad news is that we couldn't find any keys for the gates. There are 2 gates and they both have locks on them. My realtor is going to ask if there are keys. If not I will need to buy or borrow some bolt cutters. I suppose a locksmith would have bolt cutters maybe? I should probably change the locks. These little expenses are sure adding up.
After that I stopped at the bank (which is 3 minutes away. Everything is so close!) and got the BIG check to take to the title company. I followed my realtor over and then signed a stack of papers. I had seen all of the papers ahead of time so I was already familiar with them which certainly made the process easier.
While we were sitting there someone brought in a fax from one of the banks that owns the house (I can't remember which one) and it said that we had more time to get the money together. Everyone was optimistic that we would get the loan funding by Wednesday though so we don't expect to need an extension. The person at the title company said that the property will be recorded in my name on the same day that the loan is funded so I should get the keys on Wednesday.
Now the only problem is that the electric company needs to get in to the backyard to read the meter on Wednesday but I might not be able to leave a gate open for them. Hopefully they will find the gate keys for me and if not maybe my realtor can go let the electric company in to the backyard for me. Compared to all the other problems I have had with this home buying process keys for the gate seem really minor right now.
wow, its all starting to move. Daizy, you are going to be a house dweller soon. Not sure why that makes you sound like a hobbit!
What are the terms of your new mortgage? Were you able to get a good rate? Is this considered a different sort of loan (since you already own property), or will it be for a primary residence?
Lizzie, I feel more like a hobbit out here on my property. 1700 sqft is more than I have ever lived in by myself. Of course I won't really be by myself. I have some very furry roommates.
Executioner, it is a standard 30 year to keep the monthly payment down. It will be my primary residence but surprisingly, I only have to live there a year before I can rent it out. I don't think I will be ready to rent it in a year. I won't have enough money saved for a house on my property (which is my next goal). The interest rate is not as low as I had hoped, 4.5%. I guess I don't get the best rate because I am borrowing less than $100k. The payment including tax and insurance is $540.
Oh, and rent for a 3 bedroom/2 bath would be $800-$900.
Sounds like a reasonable payment. Are you going to start another Mortgage Payoff countdown like you did with your rental house?
Nope, this time I am going to start a house building fund to build a house on my property. I don't want to be stuck without any money again.
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