Monday, June 3, 2013

the paper trail

Today I am the proud owner of a mortgage I've already been paying for a condo I don't want that's more than $70,000 upside down.


We closed on our refinance today for our Minnesota condo (Shea bought pre-Sarah), locking in a super low rate (thank you, recession) for a 15-year loan. We haven't been able to do this previously because the condo is the victim of the housing crash, and we didn't qualify for the special programs because it's not our primary residence. But, the programs got less ridiculous, and we got a HARP loan. It only cost us $6,000 in fees and $600 for an appraisal. A steal, people...

The good part is this fits into our master financial plan, which we are quite proud of.  Even though our mortgage payment will almost triple once the closing is processed.

The even better news is we don't  have to deal with processors, underwriters or really anyone at a bank except the teller at the drive thru for another couple of years.

Seriously. We had to provide more documentation than I even knew we had including a written statement that the $1,000 check deposit on our bank statement was not a gift. Because that matters when you owe six figures. In case you're wondering, it's not a gift but ironically, our renter's payment.

We also learned that some of my parents' credit shows up on my report including a Bergner's credit card that was opened in the 1970s. Before my birth and my social security number even existed. Also their home equity loan for remodeling which fortunately they have paid off. It only helps my score until you have an underwriter asking questions about why I am remodeling a house I don't own. Fixing that hot mess is on my summer projects list.

I'm a first-time homeowner! I don't know whether to cry or celebrate.

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