First I decided to see if I could buy a house, then I was pre-approved, then I started the search, found a place, put in a bid, won the bid, did the paperwork and everything was accepting and moving right along. All that was left?
Closing on a house involved signing tons and tons of paperwork. If you want to be famous, if you want to be a published author who has to make public appearances, sign copies of your books for fans – buy a house. The closing is perfect practice for endlessly signing your name, over and over and over…
I met my Realtor and my loan officer at a title company. The title company was in charge of the whole thing. I had a nice enough lady who walked me through all the paperwork, explaining stuff and showing me where to sign, where to initial, etc and so on.
It took longer than I thought it would. Most of it was stuff I already knew, but one thing stuck out that I want to mention here. Amortization.
Essentially, she showed me a chart that had all of my mortgage payments for the next 30 years. Without going into so much detail that your (and my) eyes start to bleed over the math, the gist of it is this: for every $160ish dollars ADDITIONALLY I can pay each month (that’s on top of my normal mortgage payment), I can scratch off a FULL PAYMENT from the back end of the loan.
How freaking cool is that? It’s the whole principal/interest thang. Which reminds me – don’t JUST make the minimal payments on your credit cards, okay? Always pay more than that because the minimal payment is never going to pay down the debt. Keep that in mind.
That’s the fun financial tip from ATFMB this week. Now you know, and KNOWING IS HALF THE BATTLE!
During the closing, I was presented with a closing gift from my loan officer; a very nice coffee table book filled with absolutely GORGEOUS photos of Colorado taken by a local photographer. My Realtor also provided me with closing gifts; a very nice pen from Parker (the kind you don’t throw away) and he paid to have all the locks on my house changed by a locksmith. When all was said and done, it took a few hours to go through all the paperwork, sign everything and take a trip to the house to get a new set of keys from the locksmith.
Three days after closing, a check was issued to begin the 203k process and get the contractor going. Of course, this was delayed by mom’s surgery, so I wasn’t able to get the contractor his check til the following Friday. Luckily, with everything closed and the promise of a check on the way, he started anyway.
Now, over two weeks in (but with a holiday in there), things are moving right along. Plans at this time are to move in mid-December.
Things are still exciting. A few people have asked if I’ve experienced ‘buyers remorse’ yet, and honestly – I haven’t. Maybe I will, maybe I won’t – I don’t know. Maybe mom’s medical stuff has had me distracted so it just hasn’t hit yet, I just don’t know.
Once I’ve moved in, I plan to post photos of the place for all to see. In the meantime, I’m not done with paperwork; there’s mail to be started/moved, services to be turned on, movers to hire (I am sooooo done with lugging crap around and loading trucks), etc and do on.
Come to think of it, I need to get some of that crap done now! Why am I sitting here?!