Mortgage Woes

February 13, 2005

In recent news, I've been going through the motions of getting approved for a mortgage. My credit score is pretty good and my debt-to-income ratio is good. Sounds like it would be easy to get approved to buy a home, right? And since you see billboards and radio ads and television commercials all the time pimping out the idea of "owning your own home" and "rent is for suckers," etc. I figured it would be a fairly simple process. Well, my friend, and you're a probably saying to yourself "Haha, first time home-buyers are so cute," it's not that easy. They are throwing all of this Adjustable Rate Mortgage (ARM), Fixed Rate, Interest Only, etc., etc. at me and to be perfectly honest, it all seems pretty overwhelming.

I was extremely nervous last year at this time when I bought my car, but considering that in six months time I could be almost a quarter of a million dollars in debt, sheesh, that just sounds bad. Last year I kept thinking, "do I really want to be $30,000 in debt?" Now that just sounds so small in comparison.

Category: My Life | Permalink | 4 Comments
Comments

It is overwhelming and quite the up and down roller coaster until you actually close. Then when you sign the closing papers you feel like your signing your life away...
Oh, and just a reminder, don't forget to put the water, sewer, and garbage in your name after you close. :)

Posted by: Tanya at February 16, 2005 08:23 AM

Mortgages are very overwhelming. Even though I have one, I'm not sure I understand all the intricacies involved in that business. In fact, I didn't have anyone explaining all the different types of loans available. I blame that on the fact that my sister-in-laws is married to a guy who does mortgages and we went with him. I don't know if he is that laid back and lax with all of his clients or if it was just cause we're family, but we had no idea what the hell we were doing and he didn't explain anything.

And I'm actually looking to do it all over again, for a much larger amount this time... Yikes! :-)

Posted by: Jill at February 16, 2005 08:51 AM

Yeah, but Jill now you have equity in your old home to put into your new home. That certainly helps with the down payment.

Posted by: Neil at February 17, 2005 08:11 AM

Yes, that's true. But the whole concept of that much money still overwhelms me. :-)

Posted by: Jill at February 17, 2005 08:52 AM