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Mortgage going easier the second time around...

January 30th, 2010 at 01:20 pm

Well I feel justified in our duplex purchase.

BB went to the bank yesterday and I THINK our mortgage is nearly completed. I had all the docs I thought they would need in order (learned from last year)- and the woman was equally organized. She ran the numbers to do a FHA loan or a conventional loan and the FHA loan is cheaper for us. We don't have 20% to put down on this one so we will have to pay PMI regardless, and the FHA loan has lower interest rates. We locked in at 4.8%. Our closing costs are $5500 +/- $200. I am not completely sure how much we want to put down- we COULD put down 10% but that would wipe out our expendable cash reserves completely. I plan to run the numbers tonight but I think we might put down 5%.

The woman told me the bank manager already approved our loan and she was not counting our rental income because that would mean we made too much money to qualify for the loan!

When BB heard that he says to me: "Gamecock, I TOLD you we could afford it! Why do you always act like we are broke? Will you relax now and let me have more spending money?"

I actually had a good reply:
"BB, I save all our money so we can do impulsive things like buy houses when we recognize a good deal. Everyone we know thinks that buy was a steal but we were the only ones who had the cash to make it happen."

Talking to the bank lender who told me we have plenty of money and that this loan would be no problem was re-assuring. But I hope BB's head doesn't swell and get him dreaming...

So today is inspection- I think. Our realtor has had a heard time getting ahold of the other realtor to get keys to the place. Plus it is raining so I would prefer to put off to tomorrow. I dont think the inspector will spend as much time on the important things like termites, roof and foundation in the rain.

Oh yeah- everyone remember the BIG yellow Colonial type house from 2 posts ago that spurred this whole house buying process? It is holding an open house today and the auction is next weekend. I'm going to check it out- just to see what the inside looks like. I am leaving my checkbook behind!

7 Responses to “Mortgage going easier the second time around...”

  1. creditcardfree Says:

    I'm glad it is going so well...just meant to be, right?

  2. Ima saver Says:

    Glad things are going well for you in the mortgage process.

  3. all4money Says:

    It's great that things are going smoothly!

  4. wowitsawonderfullife Says:

    Good luck with the inspection!

  5. whitestripe Says:

    seems to be going a lot more easier this time around!

  6. frugaltexan75 Says:

    I hope the inspection goes well!

  7. scfr Says:

    If my memory is correct, you used a mortgage broker last time and are using a bank this time? It would be interesting to hear your comparison of the 2 when all is said and done. In the past when we had mortgages, I always shopped banks myself for the best rate and have never used a mortgage broker.

    I hope things continue to go smoothly.

    And I loved your response to BB BTW!

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