Friday, July 9, 2010
Papers, papers and more papers
We are getting really good at initialing and signing documents. It seems like this is something that we have to do daily. I have heard that this is nothing as compared to the closing papers. Late this afternoon, we met with our loan officer and got all of our preliminary paperwork squared away. We haven't locked into an interest rate yet, but it is unbelievably low right now. We'll lock in next week on Monday or Tuesday. The last I checked it was at 4.875%. So that is very exciting. Recently, I read an interesting article from Sun Time Media entitled Low mortgage rates just got lower. "According to Freddie Mac, benchmark 30-year mortgage rates peaked at a whopping 18.45 percent in October of 1981 during the last Great Recession. Rates fell below 10 percent in April of 1986, then bounced in the 9-percent to 10-percent range during the balance of the 1980s." Maybe all of you lovely readers know all about mortgage rates and how high they have been in the past, but I'm a newbie and am just learning the ropes. I was in shock to think of an 18.45% rate. Of course, I was barely turning 2 that year and was not tuned into the financial market. So, I feel thankful that we are able to buy at a time when there are such affordable rates. Maybe being too late for the $8,000 tax credit isn't such a bad thing at all in the long run.
Tomorrow morning, we'll learn all about using public irrigation, the security system and many switches for lights around the outside of the home. The current owner has been really kind about sharing details about the home and the neighborhood. I'm sure that this will come in handy. I've been keeping a notebook handy for pertinent details. He also offered to leave what he deems as a perfect sized lawn mower for the berms on the edge of the yard and the gas stove that is in the kitchen. 2 less things to worry about. Yay!
Isn't the pink bathroom shown above so cute!? I don't know how long Josh will allow it to stay pink, but I love its 1950's charm. Even the lights and mirror/cabinet are original.