After my day long rant about getting rejected for a mortgage...bank #2 just sent me a commitment letter for $140,000 @ 6.5 interest rate!! It came out of the blue, suddenly I have an email in all kinds of legal-ese with 16 (16!!) attached documents for me to sign!
Seems my own argument against their first rejection was well stated. I triumphed!!
Now I gotta work on this 6.5% interest rate. That sucks. They think I cant afford the payments so they tack on a higher rate to make it more unaffordable!
Anyways, my head is spinning. BB is at work and doesnt know any of this yet. I had already divorced myself from the idea of home ownership so suddenly seeing seeing 16 documents to sift through is overwhelming.
I need to take a day to decompress.
Thanks for all your support though...it helped me feel better about the rejections...
....but being accepted FEELS SO MUCH BETTER!!
We got approved!!!
December 9th, 2008 at 10:29 pm
December 9th, 2008 at 10:47 pm 1228862869
I feel lucky to be the first to respond to the post. CONGRATULATIONS! Homeownership achieved?! Good luck with the 16 attachments. You should be an attorney; you seemed to have made a very compelling argument for your point! WELL DONE!
December 9th, 2008 at 10:50 pm 1228863041
December 9th, 2008 at 10:56 pm 1228863382
December 9th, 2008 at 11:13 pm 1228864423
December 9th, 2008 at 11:31 pm 1228865464
may i say, in australia 6.5% sounds great lol. but i know it's different over there. you should try and get it a bit lower if you can.
December 9th, 2008 at 11:31 pm 1228865504
December 9th, 2008 at 11:35 pm 1228865730
December 9th, 2008 at 11:36 pm 1228865768
December 9th, 2008 at 11:40 pm 1228866024
It was another time, but our first rate was 8.25%. So, 6.5% ain't half bad!
Also, if my comments (last post) were on the right track, it could be easier to refi. Or you can just refi when your income goes up. Either way... IT's a foot in the door - woohoo.
December 10th, 2008 at 12:22 am 1228868556
December 10th, 2008 at 02:44 am 1228877070
December 10th, 2008 at 02:52 am 1228877540
December 10th, 2008 at 03:06 am 1228878368
December 10th, 2008 at 03:50 am 1228881057
December 10th, 2008 at 12:52 pm 1228913556
December 10th, 2008 at 05:37 pm 1228930623
December 10th, 2008 at 05:56 pm 1228931797