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.
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.
Have you had something similar come up at the last minute with closing? How did it get handled?