Homebuying week 8

It's been a long time since I've updated on the housing process. That's largely because there hasn't been much going on. About a month ago, I received a large packet in the mail from the bank that had the best rates and fees for me, which was TD bank. It included a conditional approval to loan, and the next month consisted of compiling and faxing a lot of documents to the loan processor. These included things like bank statement, paystubs, addendums to the agreement, employment verification, canceled checks, and a lot of other boring things. The bank also was much slower in correspondence and processing everything than I was used to, and that's why it took roughly 5 weeks to get to a point where the bank was okay with giving me 100,000 plus dollars.

While doing all of this work for the bank, I checked interest rates daily. they were hovering around 5.25% for about two weeks, with slight changes up and down. I was holding out for a 5.0% rate, but also understood that rates could go up and stay up at any time. Then, suddenly rates bottomed out one day (March 19). I scrambled to get all my paperwork in and locked the rate in at 4.99%. The rates stayed there for one more day, and then went back, and stayed, to where they've been for most of the year. Patience=win.

Also during this time, the bank schedule the appraisal. An appraisal is like a home inspection for the bank; it focuses more on the value of the property as an investment for the bank. The appraisal came in slightly higher than the price I am paying, which is great. Further, the calculation on the square footage was 1248, as opposed to the 1090 that was advertised on the listing for the house. It's just another way that I feel I got a great deal.

On Tuesday, the bank gave me a call and finally told me that I am approved for a loan. There are still a few small conditions, but they are things that are not problem to finish up between now and closing.

They was some miscommunication on my part about the closing date. I've been thinking it was April 17th, but it's slated for the 30th. I called the bank to see if it could moved up. They said yes, but I'm still in a holding pattern. The seller needs to complete (start) the repairs agreed upon in the addendum sent over after the inspection. Once this is done, the appraiser needs to get back out there and verify, and then the bank, and everyone else, is ready to go. I don't think we'll make it for the 17th, but I'm hopeful for the week after, possibly April 24.