We are now part of the mortgage club. You know, the one where you get to make payments on a piece of land and property that you now OWN.
I won't say it was easy getting into the club, however. Six weeks of going through a bank trying to get an FHA loan, to finally have it turned down due to some previous flooding issues in the neighborhood was to say, in the very least. ultra frustrating. We had to ask to extend our closing date twice. Maybe three times, I don't remember. We lost many hours of sleep because we were up reading through contracts and signing them to meet deadlines before the next morning. We had at least 3 different contractors do bids and inspections.
But...at the last minute, a miracle happened. We found a private lender. You know, one of those people who lends 100% cash for investments. We were able to close in ONE WEEK baby. And the process was so much more pleasant. We pay the loan back within a month and our interest isn't really all that bad, so we are refinancing this week. Once the refinance goes through, we will also get our money to do all the remodels and fixes on the house.
We are blessed. Here is why:
1. This home is closer to Will's job, which means instead of him commuting 4 to 5 hours every day, he will only be commuting a grand total of 1.5 hours a day (45 min each way, and that is bad traffic time).
2. We got an amazing steal on this home, and by the time we get it all fixed up and looking beautiful, the value will have practically doubled.
3. We will have the home paid off in 7 years, with a lot of equity for the next home we buy.
The only downside right now is Will has been living at the new house so that he can start working on it. I haven't seen him in 5 days now. I hate sleeping by myself. Any noise in the house freaks me out. My sheets are awfully cold without my human heater in bed with me. And being a single parent is no fun. I haven't been kissed in a week. The boys have forgotten they have a father (sorry Will, they are young with short memory spans).
But it's temporary and we'll all soon be together again. We have 2 contractors who will start work on the interior as soon as the refinance goes through. We'll post pics as things get done.