Tuesday, June 10, 2008

mortgages suck.

can I just make mention of how much I hate the mortgage process. seriously. as if it wasn't stressful enough that we are making this huge decision in our lives... essentially paying 2.5 times our current rent payments so that we can move on and build up equity... and then the f'ing mortgage.

well... if we'd gone through all this only a few weeks ago, we could have had an extra quarter percent off our rate but now if we want that rate we have to "buy it" and pay an extra 3/8 points to get it (courtesy of FHA). um, hello... we're going through FHA so that we only have to put 3% down instead of 5%. do you think we have an extra 3/8 point to pay so we can save $30/month on our mortgage?

now I know that rates are really out of our control. we have no way of judging what will happen when... did we miss the boat, yes... but we're still doing ok with our little canoe, paddling along behind it. I can understand why the rates just jumped up a bit... the "real estate season" is open and people are buying now. housing costs are low enough that more are making that plunge and for the first time in a while, the market looked positive. so, in order to buy back some of that lost revenue from the past few years, lenders are taking advantage of the positive upturn and raising their rates a little bit. however... when we are told that we should get $X back for seller's concessions to cover the closing costs and then we still need to bring money above and beyond our allotted 3%, that is irritating. because that *is* in our control. we should know that. we just found out that we need to bring a check for $400 ro our mortgage meeting tonight for the appraisal because it's not included in our closing costs... well, that's news to us. and then just other things that we didn't account for that may now end up going over the amount we requested for sellers' concessions. overall, I guess maybe I just had high expectations as to how the mortgage process would be... maybe because I just didn't know how it was going to be. it's just big and scary... and just proves I'm kind of sort of a grown-up now. and part of me... just doesn't want to be. I want someone to hold my hand and show me where to go, tell me it'll be ok, and they'll fix me up when I get hurt, or help me out when it doesn't work out... but das and I have to hold each other's hands and wade through to muck and mire of homeownership together. and as much as I love das, and know that we're making the right decision... there's still a little bit of me that's hiding under the bed because they don't want to come out when company's over.



Jen said...

Ohhh man, it sounds like a nightmare! I hope it works out for you. Yikes. The whole mortgage thing scars me. Which is why I am moving to a townhouse rental...moving, can you really say I'm moving? I sort of don't believe it!!

Can you do me a favor. You're set up with a no-reply email address, can you change it or email me with your address so I can put it in my address book? I keep replying and then in my stress I send it and then it comes back.

Suzan said...

So you didn't do the "pre-qualifying" thing? I sure as hell hope I don't have any mortgage surprises! I am also doing FHA but I get some kind of special deal as a "displaced homemaker" (divorced from a rat bastard).