Tuesday, November 06, 2007
KJ Konkin: Home Owner
Well, I suppose it is official. The mortgage application has been approved and we just got off the phone with our lawyer. It seems we are definitely moving to Moose Jaw.
This process has been very difficult. Leon and I are exhausted as we lay here in our motel in Grenfell, SK and attempt to get rested for a very busy teaching week while organizing via fax, phone and email about a million little details and documents. Some point form musings from my experience thus far:
1. SOMETHING THAT ALL POTENTIAL HOME BUYERS SHOULD KNOW: if you are putting less than 25% down, which is the vast majority of people, then there is a little known fact about your downpayment that you should know. You must prove to the banks that you have had your 10% or 5% or whatever for at least 90 days. This came as a big shock to L and I. We are putting $6600 down, but have not had that much in our accounts for the last ninety days. It is money that we have just recently saved up due this very well paying job. SO, we are having to use L's mutual funds, one of his savings accounts from way back AND a gift letter (see #2) to tally up our 90 Days Total. Wish someone would have told us that before...
2. If you someone in your life is giving you money for your down payment, it had better be your parent. If it happens to be your girlfriend, like in our situation, they won't accept it. There is a 'gift letter' that has to be signed stating that a certain amount is being given and not expected back and it HAS to be from a parent. Oh, btw, that parent has to also prove that they have had the amount they are giving you for at least 90 days. Since I am the one putting down half the down payment, L has to have his mother tell the bank that SHE is giving him the said amount. It is all red tape and it is all exhausting.
3. Buying a house is sooooooo much more than the amount of money needed for the house/down payment. There are so many freaking hidden costs that it will make your head spin. So, do not buy a house that is too expensive for you, because you are going to need extra money above and beyond the price tag.
4. Buying a house in your old hometown is not all bad. Up sides are things like knowing what lawyer to use because he is the dad of an old high school friend, your realtors are old friends of your aunt and the carpenter that will help you fix those tilty floors is your uncle. Oh, and donig 467 little real estate buying errands takes about 45 mintues.
5. Buying a house is hard on relationships. You get tired, you get stressed, hell, you get scared and it is oh so tempting to take it out on each other. Leon and I just keep promising each other that if the whole thing stops being FUN then we must put a halt to it immediately. I wouldn't want this house if it wasn't for our relationship, so it makes no sense to let this house be the relationship's downfall.
Now, I must eat. Chicken fingers and fries in a small town prairie motel with the man I love. 'Tis a good life. And if I hate Moose Jaw and/or home owning, we will sell the sucker for a profit and go back to BC. I am a lucky gal.
And so it goes...
This process has been very difficult. Leon and I are exhausted as we lay here in our motel in Grenfell, SK and attempt to get rested for a very busy teaching week while organizing via fax, phone and email about a million little details and documents. Some point form musings from my experience thus far:
1. SOMETHING THAT ALL POTENTIAL HOME BUYERS SHOULD KNOW: if you are putting less than 25% down, which is the vast majority of people, then there is a little known fact about your downpayment that you should know. You must prove to the banks that you have had your 10% or 5% or whatever for at least 90 days. This came as a big shock to L and I. We are putting $6600 down, but have not had that much in our accounts for the last ninety days. It is money that we have just recently saved up due this very well paying job. SO, we are having to use L's mutual funds, one of his savings accounts from way back AND a gift letter (see #2) to tally up our 90 Days Total. Wish someone would have told us that before...
2. If you someone in your life is giving you money for your down payment, it had better be your parent. If it happens to be your girlfriend, like in our situation, they won't accept it. There is a 'gift letter' that has to be signed stating that a certain amount is being given and not expected back and it HAS to be from a parent. Oh, btw, that parent has to also prove that they have had the amount they are giving you for at least 90 days. Since I am the one putting down half the down payment, L has to have his mother tell the bank that SHE is giving him the said amount. It is all red tape and it is all exhausting.
3. Buying a house is sooooooo much more than the amount of money needed for the house/down payment. There are so many freaking hidden costs that it will make your head spin. So, do not buy a house that is too expensive for you, because you are going to need extra money above and beyond the price tag.
4. Buying a house in your old hometown is not all bad. Up sides are things like knowing what lawyer to use because he is the dad of an old high school friend, your realtors are old friends of your aunt and the carpenter that will help you fix those tilty floors is your uncle. Oh, and donig 467 little real estate buying errands takes about 45 mintues.
5. Buying a house is hard on relationships. You get tired, you get stressed, hell, you get scared and it is oh so tempting to take it out on each other. Leon and I just keep promising each other that if the whole thing stops being FUN then we must put a halt to it immediately. I wouldn't want this house if it wasn't for our relationship, so it makes no sense to let this house be the relationship's downfall.
Now, I must eat. Chicken fingers and fries in a small town prairie motel with the man I love. 'Tis a good life. And if I hate Moose Jaw and/or home owning, we will sell the sucker for a profit and go back to BC. I am a lucky gal.
And so it goes...
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