It looks like we’re back on for the place! We were suppose to close on the town house a couple of months ago, but a required sign-off had to happen and it didn’t. Now fast forward to this week and in the midst of my new temporary work assignment I got the call that we have the green light.
It looks like we're moving (again)!
I was scrambling to get things done this week, so posts were a little delayed to get out. We’re transferring the down payment money from our ING savings account. We have tried our best to ignore this account and not deplete it until we needed it, such as now for the house. We also have home insurance ready to go on the place.
We’ll slowly move into the new place as we’re in the short term lease apartment and we’ll have 60 days to move out. That will give us time to paint and prepare the place before we have to move in.
We’re going for a 30 year fixed rate mortgage for the place. We felt it was in our best financial interest to keep the interest rate steady and right now the interest rate is relatively low, which is another bonus.
We’re automating extra payments to the principle from month 1. Our goal is to pay off the house in 15 years, so we need to get started on it as soon as we can. Since the $8,000 Tax Credit for First-Time Homebuyers was extended and expanded, we’ll use it to pay down our mortgage and increase our financial cushion.
Your Thoughts
Have you had something similar come up at the last minute with closing? How did it get handled?
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Congrats on your closing GP! Mine have always been textbook smooth so I have no words of advice for you, just wanted to wish you luck!
Thanks SF! I just hope we have a smooth closing; we have enough on our plates right now.
Good luck and best wishes! – We had a problem that came up when we sat with the lawyers at the closing. There was a lien on the property that nobody had caught. My lawyer told me that it was a fairly old lien, that it was going to expire within a year, and that it was probably not removed because the parties involved were too lazy to remove it. I made the decision then that I would cover the risk of having the lien enforced since the amount was relatively small relative to the price of the house. Six years later I can confirm that this was the right decision. We are very happy in our house and we hope that you will be as happy in your place as we are in ours.