Some Independance Day!
So, this weekend's trauma is as follows!
When Rob first went in for the mortgage we were hoping to do a Sonyma mortgage. This is the world's best program for low income people. I'm not cheering that we're considered low income, but they consider under 47k for 2 people low income so we are. Anyway, with this program we'd get a bank loan at the rate of 4.25% which even in the best of times is an awesome rate. Well, in order to do this program we had to fork over 2k to close out all our old debt and with me not yet at work and us just barely going to scrape into this house, we decided to screw it and get the conventional mortgage, which didn't need us to do such a thing.
Fast forward 6 agonizing weeks, we get a call last monday that we're finally officially approved (tho we've been told all along we were, we just never believed it) but there are provisions. My husband, in his infinite wisdom.. no, I really mean stupidity, was so excited about this that he didn't ask what the provisions were. Then, friday afternoon, July 2nd, last business day before most people go on a 3 or 4 day weekend, at 5pm when I get home from work, I pick up the mortgage commitment and read these so called provisions. Now why, in the 4 full days we knew about these provisions could my husband not call (he's the applicant so I can't) and find out what they were, he'd just prefer I find out on Friday, when there's noone we can talk to.
Provision problem: you must pay off that old debt. Yeah, there it is. Albeit, 6 weeks later we're in a better place to pay this off since i've been working for 4 weeks and we're not yet needing my little nest egg for the fridge and oven (even tho he needed some of it to put in his account).. and his stocks were recently purchased (a whole 11 shares). So, 6 weeks later, we've got to pay this off. Now, obviously, we would have qualified for that 4.25% loan and not the 6.55% conventional. Can we say Fuck?
The mortgage dude swore up and down this wasn't a problem. But we were lied to, to the ending up tune of 18k. Yep, that nice 2.3% or whatever will eventually cost us 18k over the 30 year life of the loan. How nice is that? Thanks mister! Obviously, we're not as shocked at that 18k as we would have been had we still not been able to qualify. But since we couldn't qualify we went with the smarter choice of ease. I mean we still don't plan on being in this house for the rest of our lives or never refinancing but how does this guy sleep at night baldfaced lying to people?
I'm not as mad as I was yesterday, but it's still bitter tasting. On the plus side, I picked up my knobs. I wish I had a digital camera to show them to you guys but you'll have to wait til I build my nest egg back up to afford a luxury (considering this Friday's paycheck is already prespent on rent since Rob's money is going to pay off these old debts) And it's not like hundreds of thousands of dollars, we'll handle it, just not going to have as big of a cushion as we would have liked to have had walking into a new house. Thank goodness I got a job tho.
Anyway, I think that's it. I'd like to pack up some more but we're still nervous about all this info... including finding financial references.. like our landlord.. please let the space cadets give us a nice letter. We were good people, just don't blame us for forgetting to pay our rent for 8 days! We never bothered a fly in the 5 years we lived here!
I need a pug.. badly. Rob called the lady about them. 500 bucks includes first shots, she has 10 pugs, 3 are retired, so 7 little puggies are gonna help me get a pug. She said call back in late August or Early September. Maybe I'll have a Halloween pug!
Okay, that's all for now, I feel better.
When Rob first went in for the mortgage we were hoping to do a Sonyma mortgage. This is the world's best program for low income people. I'm not cheering that we're considered low income, but they consider under 47k for 2 people low income so we are. Anyway, with this program we'd get a bank loan at the rate of 4.25% which even in the best of times is an awesome rate. Well, in order to do this program we had to fork over 2k to close out all our old debt and with me not yet at work and us just barely going to scrape into this house, we decided to screw it and get the conventional mortgage, which didn't need us to do such a thing.
Fast forward 6 agonizing weeks, we get a call last monday that we're finally officially approved (tho we've been told all along we were, we just never believed it) but there are provisions. My husband, in his infinite wisdom.. no, I really mean stupidity, was so excited about this that he didn't ask what the provisions were. Then, friday afternoon, July 2nd, last business day before most people go on a 3 or 4 day weekend, at 5pm when I get home from work, I pick up the mortgage commitment and read these so called provisions. Now why, in the 4 full days we knew about these provisions could my husband not call (he's the applicant so I can't) and find out what they were, he'd just prefer I find out on Friday, when there's noone we can talk to.
Provision problem: you must pay off that old debt. Yeah, there it is. Albeit, 6 weeks later we're in a better place to pay this off since i've been working for 4 weeks and we're not yet needing my little nest egg for the fridge and oven (even tho he needed some of it to put in his account).. and his stocks were recently purchased (a whole 11 shares). So, 6 weeks later, we've got to pay this off. Now, obviously, we would have qualified for that 4.25% loan and not the 6.55% conventional. Can we say Fuck?
The mortgage dude swore up and down this wasn't a problem. But we were lied to, to the ending up tune of 18k. Yep, that nice 2.3% or whatever will eventually cost us 18k over the 30 year life of the loan. How nice is that? Thanks mister! Obviously, we're not as shocked at that 18k as we would have been had we still not been able to qualify. But since we couldn't qualify we went with the smarter choice of ease. I mean we still don't plan on being in this house for the rest of our lives or never refinancing but how does this guy sleep at night baldfaced lying to people?
I'm not as mad as I was yesterday, but it's still bitter tasting. On the plus side, I picked up my knobs. I wish I had a digital camera to show them to you guys but you'll have to wait til I build my nest egg back up to afford a luxury (considering this Friday's paycheck is already prespent on rent since Rob's money is going to pay off these old debts) And it's not like hundreds of thousands of dollars, we'll handle it, just not going to have as big of a cushion as we would have liked to have had walking into a new house. Thank goodness I got a job tho.
Anyway, I think that's it. I'd like to pack up some more but we're still nervous about all this info... including finding financial references.. like our landlord.. please let the space cadets give us a nice letter. We were good people, just don't blame us for forgetting to pay our rent for 8 days! We never bothered a fly in the 5 years we lived here!
I need a pug.. badly. Rob called the lady about them. 500 bucks includes first shots, she has 10 pugs, 3 are retired, so 7 little puggies are gonna help me get a pug. She said call back in late August or Early September. Maybe I'll have a Halloween pug!
Okay, that's all for now, I feel better.
0 Comments:
Post a Comment
<< Home