Limbo

June 20th, 2008 . by Melissa

As I suggested in an earlier post, much of lives for the next few months will revolve around our recent, very large purchase…the house. Things are finally falling into place. Much to our dismay the home buying process has been a grueling one. It started off very smoothly. We were preapproved for our loan in a day, Pefcu didn’t even require references. Considering our age and youthful credit we imagined this to be much more difficult. The bumps in the road didn’t surface until a little later. When we signed our purchase agreement with out realtor she forgot to have us check a box for asbestos. Two days later when the bank selling us the home received the agreement then declined it, sent it back, and asked us to resign. This wouldn’t have been a big deal except that week the interest rates began to rise. The bank couldn’t lock in our interest rate until they had the purchase agreement in their hands…Even later on, our realtor held our title insurance request papers for 2 weeks before even telling us that she had them. This is the lengthiest part of the closing period, as the title company has to pull records, organize the legalities, etc. On top of that, they want to have all of the completed paper work in their hands for at least 4 days. This put us back significantly. Jason almost died when he saw the fax date on the title company request, for a relatively passive person he was on fire. After this mishap our loan officer informed us that she gave us an incorrect quote for our already rapidly rising interest rate…because our menial sized down payment we would have to pay $250 extra for a point to have our rate lowered to what she quoted. Luckily, I am a stubborn person and willing to lose face for what I feel is “good” customer service. The bank is paying that $250, now. So, here we are, almost 6 weeks from when we first placed an offer on the home with another 1.5 weeks left until we close and an interest rate 4 points higher than when were approved for the loan…grr, no wonder most people wait until they are older to go through this, they are really procrasting torture and generating enough patience. Even still, we are excited! Tonight we are going deadbolt and doorknob shopping for our date. And I plan to get a lot of packing done this weekend.

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