Waiting is Painful
Tony's new job is all set to go!! Unfortunately, they train people in groups, so Tony can't start any earlier. Which sucks for our finances and sucks for the closing but he has a job!! He is starting a week from tomorrow, and his first check at the new job will be in just under 3 weeks.
Spoke to my lender last week, and he is going to start working on the paperwork for a new loan application this week. Unfortunately, we were unable to lock the previous interest rate, and the rate for FHA loans went up .75%. Waiting to hear what this means for our monthly payment. I also asked him to compare a different loan product we were previously looking at. Before, the interest rate difference between the two made the FHA the better product for us, but it did mean we had to bring a little about $1000 more to closing. But in the long run, in terms of monthly payments, it was much better. But now that the interest rate for the FHA loan has increased, we are comparing the two again to see if the difference in monthly payments has narrowed. Because if it has, having to pay less up front would be much better for us giving that we have had to use some of our reserves. Additionally the other option means that appraisal wont be nearly as nail biting and likely wont require any further improvements, whereas the FHA, depending on the appraiser, might require some fixes which means we would have to pony up an additional $250 for a re-inspection to see if those repairs were made.
I did ask him if there was any way we could close at the end of April, but, it would mean that ON the day of closing, we would have exactly 28 days (not 30 days) of proof of new income. Semantics much? Closing at the end of April would mean that we would only have to pay a few days worth of interest but, our first mortgage payment would be June 1, or right about a month after. We would not have to pay May rent or mortgage. But, if we close early May, we would have about $300 extra in closing costs, we would have to pay May rent, but we would be rent/mortgage free for June. Either way, we only skip a month of payments. Basically it comes down that closing end of April means that we would only have 2-3 days to move all our stuff and clean the apartment. Closing early May, while costing us $300 more and we would be paying rent instead of mortgage for May, but it would mean that we could take our sweet time moving.
Well, I just took a look at my school calendar, I have a test on April 27th and April 30th. That being said, the teacher for whom we have those test materials for is VERY generous with her test reviews, and I rarely have to study for her tests. I do have a paper due on May 4th, but I can do that a day or two ahead of time easily enough.
Logical Jen says that early May is the better option. There are some fixes to the apartment I would like to make sure get done. I know we are not getting our security deposit back, but I dont want to give them reasons to try and come after us for damages. Emotional Jen just want to GTFO of here. I am typing this in the bathroom. While taking a bath (uncomfortably because of these stupid shower doors). Because its the only place where I will be left semi alone. After this I am going to go to my kids room to go hide and do the homework I have been procrastinating.
Speaking of procrastination, I am back on Pinterest full blown. I actually made a list of projects I want to complete and its almost a page long. AND ITS ONLY THE FIRST FLOOR. I have an semi ambitious project and I haven't seen anything like it out in the blogosphere. Could it be something unique?? Its almost hard to believe it. The laundry closet in the first floor has no doors. The easiest answer is curtains, and that will probably be my temp solution when I first move in, but its not ideal given I will have cats and dogs and kids and the idea of more fabric next to laundry doesn't appeal to me. My bestie just told be to buy used bifold doors. Except I hate the white bifold doors out there. If I can find hollow core doors I will totally jump on that (because I can trim them out). And new bifold doors are expensive!!! For the size I'll need, there are $50 a pop- meaning $100 for the set!! For the while bifold doors I hate. For the same price, or even couple of bucks cheaper, I am envisioning completely cystom hand build bifold doors with 2x4's, some thin plywood, and frosted glass!!! My mind is buzzing!!!!
But alas, I have to wait what looks like to be 47 more days for this!!! It seems so far away. The first time we got the contract back, we had 43 days until closing, so starting the clock ALL OVER again makes time feel like its going even slower. . BUUUT, to try to "pace" my waiting, and to prevent myself from feeling like its 47 days of nothing-ness:
Spoke to my lender last week, and he is going to start working on the paperwork for a new loan application this week. Unfortunately, we were unable to lock the previous interest rate, and the rate for FHA loans went up .75%. Waiting to hear what this means for our monthly payment. I also asked him to compare a different loan product we were previously looking at. Before, the interest rate difference between the two made the FHA the better product for us, but it did mean we had to bring a little about $1000 more to closing. But in the long run, in terms of monthly payments, it was much better. But now that the interest rate for the FHA loan has increased, we are comparing the two again to see if the difference in monthly payments has narrowed. Because if it has, having to pay less up front would be much better for us giving that we have had to use some of our reserves. Additionally the other option means that appraisal wont be nearly as nail biting and likely wont require any further improvements, whereas the FHA, depending on the appraiser, might require some fixes which means we would have to pony up an additional $250 for a re-inspection to see if those repairs were made.
I did ask him if there was any way we could close at the end of April, but, it would mean that ON the day of closing, we would have exactly 28 days (not 30 days) of proof of new income. Semantics much? Closing at the end of April would mean that we would only have to pay a few days worth of interest but, our first mortgage payment would be June 1, or right about a month after. We would not have to pay May rent or mortgage. But, if we close early May, we would have about $300 extra in closing costs, we would have to pay May rent, but we would be rent/mortgage free for June. Either way, we only skip a month of payments. Basically it comes down that closing end of April means that we would only have 2-3 days to move all our stuff and clean the apartment. Closing early May, while costing us $300 more and we would be paying rent instead of mortgage for May, but it would mean that we could take our sweet time moving.
Well, I just took a look at my school calendar, I have a test on April 27th and April 30th. That being said, the teacher for whom we have those test materials for is VERY generous with her test reviews, and I rarely have to study for her tests. I do have a paper due on May 4th, but I can do that a day or two ahead of time easily enough.
Logical Jen says that early May is the better option. There are some fixes to the apartment I would like to make sure get done. I know we are not getting our security deposit back, but I dont want to give them reasons to try and come after us for damages. Emotional Jen just want to GTFO of here. I am typing this in the bathroom. While taking a bath (uncomfortably because of these stupid shower doors). Because its the only place where I will be left semi alone. After this I am going to go to my kids room to go hide and do the homework I have been procrastinating.
Speaking of procrastination, I am back on Pinterest full blown. I actually made a list of projects I want to complete and its almost a page long. AND ITS ONLY THE FIRST FLOOR. I have an semi ambitious project and I haven't seen anything like it out in the blogosphere. Could it be something unique?? Its almost hard to believe it. The laundry closet in the first floor has no doors. The easiest answer is curtains, and that will probably be my temp solution when I first move in, but its not ideal given I will have cats and dogs and kids and the idea of more fabric next to laundry doesn't appeal to me. My bestie just told be to buy used bifold doors. Except I hate the white bifold doors out there. If I can find hollow core doors I will totally jump on that (because I can trim them out). And new bifold doors are expensive!!! For the size I'll need, there are $50 a pop- meaning $100 for the set!! For the while bifold doors I hate. For the same price, or even couple of bucks cheaper, I am envisioning completely cystom hand build bifold doors with 2x4's, some thin plywood, and frosted glass!!! My mind is buzzing!!!!
But alas, I have to wait what looks like to be 47 more days for this!!! It seems so far away. The first time we got the contract back, we had 43 days until closing, so starting the clock ALL OVER again makes time feel like its going even slower. . BUUUT, to try to "pace" my waiting, and to prevent myself from feeling like its 47 days of nothing-ness:
- 4 days until Sunshine's 7th birthday
- 8 days until Tony's new job
- 11 days until a small induction event for my bestie
- 15 days until my first test of the semester
- 19 days until my first Pharmacology test
- 19 days until a networking event for a non-profit an acquaintance wants me to help at.
- 22 more days until a Pharmacology presentation
- 29 more days until my 2nd nursing exam
- 40 days until my 2nd Pharmacology exam
See I'm busy!!!! And somewhere in there I have to continue to work and somewhere in there I also have to start packing (again). And there is paper I also have to write. And find some time to do my laundry. Definitely need to get a handle on my laundry before we close.
Let me go do something besides pine about this. Until later y'all!!
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