Stages 1 and 2 of the great Moonfire Family House Buying Experience of 2012 are now complete (or at least in motion and doing their thing).
Sounds complex, doesn’t it? First stage was to get student loans consolidated and into the income-based repayment plan. The last of mine are being absorbed into the giant teeming mass that is my student loan debt and my payment amount is already set. Todd’s are trundling along and will be done on May 16. All will be sorted with them by the beginning of June.
The debt consolidation to reduce the interest rate we’re paying has been done and – this is a miracle – all are showing on my accounts. Our bank not only came through for us, but did so in an incredibly timely manner, which will mean that all should be reporting on credit reports as needed for the beginning of June as well.
My tiny pay increase will be effective June 9.
Sense the theme here?
This means that the mortgage application process should be restarted close to the beginning of June, but not until everything is reporting as it should and all the dust has settled from April (student loan month) and May (debt consolidation month).
The only small bit of sadness is that the teeny raise I received booted us over the edge for qualifying for the low down payment program with the one bank, but doesn’t help enough to make a big difference each month. Perhaps sadness is the wrong word. Perhaps “ironic” is better.
I was already really happy with our bank and the service that they’ve provided to us over the last few years. This tipped things even further in their favor. The young guy I dealt with at the branch was really on top of things and answered all of my questions congenially. The processing was ultra-fast and the rate/terms were excellent. As I was leaving from the doc signing appointment, I thanked him and told him that he’d just helped us on that path to owning our home. It was a big moment and he totally understood.
So what’s left before application day? Monitoring reports and waiting for things to update. For those that might be slow to report, I’m going to call and ask them to please do an update to the bureaus so we can move forward on our mortgage. I’m not holding my breath that they will cooperate, but it’s worth a shot! No matter what I do, it’ll still take a couple weeks to get everything through the reporting process, but once I’ve got the final clear that things are showing properly, I’m calling our loan officer and we’re moving forward. Our lease ends on 7/31/12 and we’d very much like to be moving before school starts at the end of August.
Will it all work out that way? Maybe not. Prices have risen and we’re keeping our price range conservative, even though qualifying won’t be a problem. Over the course of the past 4 months I’ve managed to cut our monthly payments down by $169, $74, and another $49, for a total monthly savings of $292. (yeah, it’s been fun) We’ve been learning how to cut our grocery bill in addition and have been periodically sticking to cash. There’ve been a couple times that we fell off the “fast food wagon” and that set us back a bit, but we’re trying once more.
Our oldest will be a teenager in just three short years. In five years, I’ll have two giant boys taking up a lot of space in the household. We’re thinking ahead and planning so we can buy a home that will last for our. And we want a place that is less car dependent, with a good lifestyle of walking and being active.
These are important considerations and it pins us down to a fairly narrow area that we’re looking in for a home. Each piece is starting to come together finally and that is what feels so good right now.
Grant me patience to make it through the waiting and then through the underwriting approval and funding.
I’m taking my bronchitis suffering butt and getting to sleep. No more dozing. It’s time for real sleep.