I was awake all night last night worrying about this impending home purchase.
My Realtor has been asking me if we are on schedule for a Jan 20th closing...and everyday I email my lender who replies that the application is still in "underwriting and maybe he will have an answer for me tomorrow."
Then, I don't know exactly how much we will need to put down or what our interest rate will be. Is that crazy? Talking to my lender before negotiations for the home started, we had several discussions about what down payment amount will probably get us approved...and settled on an amount he liked and sent us a pre-approval letter. When asked what interest rate we could get he emailed back "probably under 5.5%." So besides having no clue what the interest rate will be, meaning I cant predict my mortgage bill- I have started wondering if "underwriting" will come back and say they want MORE down than what was estimated.
Maybe it sounds irresponsible but BB and I have almost EXACTLY the amount of money needed for movers, the banks "estimated" closing costs, and the down payment. We will both get another paycheck in 1 week after closing to alleviate the burden of having basically zero balance in our account, but I am just freaking out that at the closing table they will give me a bill for a grand or two over what was expected.
And I keep wondering if we are paying too much for the house. Sounds silly- but in this down market where houses depreciate every month I now wonder if we couldnt have eeked a few grand out of the final price.
And I have had many items in storage for so long I was up all night trying to remember where the screws to my trundle bed are; "if I never find the screws to put it together will Lowes have screws to fit but look nice? Can screws be painted?" (my bed frame is white). "Do I even have any sheets to fit a twin bed? Maybe I should buy some now- but what color? What color will we paint the guest bedroom- does it matter what color because they are sheets?" "Do we bring our shower curtain and floor mat from here even though I think Maroon is too heavy a color for a bathroom? The floor mat is pretty worn out, but the shower curtain was very pricey and I remember all bath stuff being rather expensive-maybe bring it for the first week till we get our paychecks and then I can go to the store and get new stuff."....you see! I was worrying about insane things! I was up till after 4am! I cant go another night of that!
worried about stupid things
January 9th, 2009 at 03:13 pm
January 9th, 2009 at 03:25 pm 1231514716
You can't control the housing market. Was this house a good deal? At the time you made the decision with all the information you had, the answer was yes. Could houses go down further, yes.
What I am trying to say is that I think you are over analyzing the situation. You bought a great house at a great price with great financing. There will always be better deals and you will never get the best deal.
I don't want to come off as mean or insensitive. I just think you need to take a deep breath and maybe a relaxing bath.
I'm in the middle of refinancing now. They told me that banks a re swamped and new home purchases are the priority. My refinance could take 3 weeks. Also, the market is very volatile. I'm looking at a 15 year and early this week it was 4.25 and then shot up to 5.125. The financing will settle itself over next week, you'll get a great rate, and it will be locked in. Just keep on stressing to your mortgage broker that you are closing on the 20th and need everything locked up.
Good luck!!
January 9th, 2009 at 03:34 pm 1231515262
January 9th, 2009 at 03:55 pm 1231516528
Don't worry - the perseveration is totally normal. We were buying our second house and I was literally up for several hours worrying about how we could possibly close because our closing date was set for MLK Day and I thought for sure the banks were going to be closed. And I already had my brother lawyer set up and I worried about how I would be able to get to the bank to get the exact amount of the cashier's check we needed. It all worked out, and I don't remember if we changed the closing date or not. Good luck! It will all work out!
January 9th, 2009 at 04:03 pm 1231517013
Just take all this pent up energy and us it to pack your current home and or clean. Once the excitement/stress wears off you are going to be looking at all those boxes to unpack and be wishing you had the energy you have now.
January 9th, 2009 at 04:25 pm 1231518358
January 9th, 2009 at 05:29 pm 1231522187
January 9th, 2009 at 06:17 pm 1231525044
January 9th, 2009 at 06:42 pm 1231526534
Or you can call the manufacturer of the bed. They would probably send you another set of screws--maybe even for free.
A nice neutral color for the sheets (ivory, gray, cafe au lait) will match any wall color and look simple and elegant.
Treat yourself to a new bath mat, but hang on to the shower curtain. You won't know until you hang it up whether it's too dark for the room, and you can always lighten it up by keeping everything else (paint, towels, rugs) light in color. Even if it doesn't work out, it's nice to have a backup in case your new one gets dirty or torn.
Now get some sleep!!!
Good luck with everything!
January 10th, 2009 at 04:22 pm 1231604578