Yeah, that’s right. I’m stressed out, but it ‘s for good reason.
We’re looking to buy a house in town. We’re slowly getting the house we are living in ready for market and have been lazily looking at houses in town without a realtor. Just finding stuff online and going to look at it. This is allowing us to get to know neighborhoods and have a sense of what’s out there.
Absolutely nothing has excited us so far, until last night. We saw a house we love. We love the neighborhood, we love the lot it’s on, the architecture is beautiful, and as far as we can tell, since we haven’t been inside but seen pictures, we love the interior. It’s an awesome house. We have an appointment with the seller’s agent tonight to look at the inside.
A while back my husband spoke to our mortgage broker from our last house purchase and she seemed to think we wouldn’t have a problem with financing it, but at that point we were planning on having sold our current house before buying a new one. Now we haven’t sold our house and we may want to buy anyway. We have a nice little nest egg put away since my husband got his new higher paying job and we haven’t changed our very frugal lifestyle. (It’s amazing what being poor can do for you! I’ve realized I need very little materially to be satisfied.) So my husband did the mortgage calculator online and if we put a down payment of 7 1/2 % we could still afford the mortgage. That would be short term arrangement until we sell our current house and refinance with a much larger down payment.
So I called the mortgage broker and our bank and two different realtors. I’ve been talking house all morning. It’s exhausting and stressful!! And believe me I wouldn’t have handled this stress a month ago.
There may be a glitch. My husband works for an overseas company. And he’s only worked for them for 6 months. The mortgage broker should have known this earlier. We need to show income for 2 years in the same field. The broker still thinks she might be able to find something for us, but the bank refused us.
Agghhh!!! For a while I was a bit nuts. But I’m already mellowing out. If we can’t buy now we’ll have six more months to save quite a bit more money. So I just have to look at the positive side of it…
I’m in love with that sweet house, though. And I’ve spent hours on the phone with all sorts of professionals. Stress and anxiety galore. But I also got to feel responsible and professional as I dealt with all these people. I’m still a competent and intelligent woman who can figure out all this stuff! Sometimes not working makes me doubt my abilities.
I’m okay with whatever ends up happening.
I’m just so glad to be able to handle normal stressors again—at least some of the time!
Hope it works out just as you wish! You certainly deserve it!
still very unclear as to whether it will work out….the loan was pre-approved, that’s not an issue anymore, but we have to decide if it’s a reasonable thing to do when we haven’t sold our current home and in this market don’t know when it might be sold…
we have a lot to think about and I am rather stressed and hence no post today—first time in a long time I haven’t posted…
I didn’t sleep last night because I was anxious…been sleeping like a rock lately…
will be glad once we make a final decision…
the house is as wonderful inside as it was outside… we love it!!
It sounds like it will work out nicely, great news! and best wishes,
Stephany
ahh…a nice little secret…our current home is paid off!! Free and clear—it’s a tiny little home in the country where houses cost less than virtually anywhere…that is one of the reasons we’re out here. Otherwise we wouldn’t even be thinking about taking out a second mortgage…
I take back that last comment about asking your current mortgage holder. Did they already say no? I was too excited about your find to finish your post.
Let the mortgage broker work on it. She may be able to find something workable. You guys are a good good risk…even if your husband did just get a better job. (dopey rule.)
Good luck
Geeze, I hope it works out – and don’t overlook your current mortgage holder. My credit/track record with the company that holds my mortgage is excellent. They send me offers to refinance about three times/week.
I’ll keep my fingers crossed. A new house is so exciting!
That’s really exciting, that you’re gearing up for this. I know that buying/selling a house is very stressful, but you sound like you’re going into it with a good attitude. Good luck!
With the amount of foreclosures occuring (lots of houses on the market), I would expect it to be difficult to sell the current house to get the wanted one.
Find your state and county forclosure rate here…
http://www.realtytrac.com/
You sound so upbeat Gianna it is really good to see all that energy pouring out of your post.
Good luck with the house!
What an exciting adventure! I agree it is normal stress and you seem to be handling it well. Good luck in your house search! Annie
this is great. good luck. i hope it pans out.
we have killer credit scores…both of us have over 860….
we have zero debt!!
Also good scenario – there are lots of sellers who can finance their homes themselves. Since the banks require that you have a credit score of more than any of us has these days, you will probably find great places in your town with owner-financing!!!!! Enjoy the search! and good luck!
Gianna,
I love it: good old healthy stress and anxiety is important. I recently read somewhere that stress is positive; it just needs to be controlled.
Susan
well, that would be nice but there are lots of reasons to think this house will go fast…it’s much nicer than anything in this price range…I don’t think we’ll be the only ones who find it special…
everything you say is true though, of course. the housing market is radically different than it was just a year ago!
After the subprime feeding frenzy ended, no financial institution is lending to anyone right now (or so I hear on the news) so your dream house will probably be on the market for awhile and the price will probably drop. (Best scenerio)