Yesterday I received word that the bank decided to accept my offer on the house. While this news is VERY exciting (and something I have been waiting for about 2 months) it has come with a lot of head aches.
With the market ever fluctuating the rates are, of course, as high as they have been in this whole house hunting process. With the rates up, the mortgage is the big question mark at this point. The rates going up means a higher monthly payment, which pushes the loan amount down to fit within my budget. So either the rate needs to go down or I need to put more money down to get it to go through.
The bank wants to close and have everything done by July 8! Yes, that is only 29 days away! This causes just more bumps. The underwriting process usually takes about 45 to 60 days to get a loan through to closing. You do the math, we are short about 15-30 days. But if we cross our fingers and they rush my loan, it is possible.
The next two weeks will be the critical part of getting everything to go through. Maybe we can all fast and pray for the rates to decrease or for me to win the lottery. I'll take either.
6 comments:
that's so exciting your offer got accepted, sounds like now's the hard part! Everything will work out how it should. In the mean time you might as well be excited that your offer was accepted! yay!!!
It is a bitter sweet thing for me. Very excited that you are that much close to having your own house, but also very sad that you are that much closer to leaving me...I hope everything works out! I will be keeping my fingers crossed for you!
JILL!! This is SO exciting! We need to celebrate! (Anything to get through these next few weeks for you). I'll definitely keep you in my prayers too. How do you want to celebrate? (Email me)
I would take either of those for you also. Or maybe them just accepting your timeline and letting you go at your own pace. How's that?
I am so excited for you. What an amazing thing to be able to buy a home. I think it is very impressive. I hope that rates go down. It is amazing what a difference a few numbers make in the long run. Good luck.
Jill, let's talk someday. Moral support you know. The "old man" needs a little close time with you.
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