Archive for the ‘Finances’ Category

Buying Update

Wednesday, November 21st, 2007

We have found a company willing to insure the house, although we are paying a higher premium since it isn’t owner-occupied. (If I didn’t mention earlier, the insurance agency I’ve been with since 1987 doesn’t insure old houses in Arkansas, especially if they’re being remodeled.  Once it’s all put back together again, they’ll consider insuring us.  Nice.) 

Just like we’re paying a half percent extra interest on the mortgage because of it not being owner-occupied. 

The insurance rate may go up still more once the tenants leave, until we move in.  And we had to bump up the amount of insurance because the mortgage company wants it insured for at least the amount of the mortgage. 

While we do have closing scheduled for November 28, the appraisal hasn’t come back yet, so it is very unlikely we will actually close on November 28.  Even if it comes in today (which it is supposed to), the mortgage broker needs 24 hours to clear, and the big bank is taking 72 hours on top of that to issue instructions.  The broker says she hears that the big bank is extremely busy because of all the other small lenders shutting down their lending operations.  Not so much due to a sudden uptick in the housing market.

Will hold breath for reasonable appraisal.  If we don’t make the appraisal, we may have to shut the whole thing down and try again in the spring.

At least we’re not trying to vacate one house and move into the next before month’s end.  If we were, I would be much more worried about all this.

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