Mrs. Parallel is having... buyers Remorse?

[parallel]

LOL... this Friday at 1600 we will close on the new house. After weeks of staying on top of lenders, appraisers, contractors, realtors, title companies and on and on so as not to allow any of them to drop the ball... SHE gets all nervous after everything is FINALLY set!

I literally had to sit down with her and explain that we are getting our financing through one of the most stringent lenders there are (NFCU). We intentionally lowballed our income on the application as well as had NFCU approve us as though we are keeping both houses for ourselves versus renting the old one out. The lender says we will be fine and that we are far below even their stringent income to debt ratio. Not to mention, we have run the financials on this decision countless times in the last two years and at least a dozen times in the last three months. In fact, we finally got the Base Flood Elevation Certificate and it turns out that flood insurance will cost about 2/3 less than we had estimated in all of those financial models. For Christ sake, if we can't do this now we'll NEVER be able to. Interest rates and property values are very low, our income is steady and our net worth is higher than ever... if not now when?

Oh well... in reality... this kind of financially responsible behavior is one of the many reasons I LOVE her so. Mrs. Parallel is many things... the ONE thing that she is not... is high maintenance.

 

[BarbC]

A little nervousness now will save her years of sleepless nights. It sounds like everything was done right!

Best wishes for a smooth closing and a seamless move!

 

[CAJUNLAWYER]

It's a good sign amigo. She should be nervous. But remember this-you do the best you can and then let it happen. Banks aren't going to lend you the money if they think you are going to default Remind her of this-you will be paying that mortgage with tommorrow's money. Think ahead in 10 years what your income level will be and how much that house note will be compared to someone buying their house at that time. $1500 a month today may seem a lick (or whatever it is) but in 10 years from now it will seem a drop in the bucket.

 

[zercool]

I completely understand... MrsZ and I are closing on our first house on Thursday afternoon. I've been the one chasing around paperwork and making phone calls to make sure we're going to have power and gas, getting the insurance covered, getting all our funds into one place, etc. I was fine until Sunday night. I've been tossing and turning all night since then.

I know, intellectually, that we're in good shape for this. We got a good rate through a local lender with a strong base. We took a loan well within our means to repay; our mortgage with escrow is only going up about $200/mo over our current rent payment. The house is solid. Needs some minor work, but the structural inspection came through with flying colors ... of course, that's all reason and logic.

Turn out the lights at night, and the strings of zeros chase me around singing, "You're going to be in debt for the rest of your life, sucka!"

Congrats on your new house, and tell MrsP to take a deep breath and relax. I'm trying to convince myself to do that.

 

[mtb1bkr]

Parallel,
We also put in a lower amount on our mortgage appliclation with NFCU, not that it really matters as they know how long I have been in the Corps and what my rank is so they already know how much I make in reality. We bought our last two houses with them and they are certainly one of the best in the industry. They service 99.9% of their loans and I haven't been able to find anyone in the other .1%. Our last purchase I knew I could go way higher than I was applying for. They also knew it and the agent said I could go higher if I wanted to. I said "no thanks" and she said she didn't blame me and never brought it up again. We walked a tight rope on the last buy sell deal; we closed on our old house in NC on Monday and closed on the new one here that Friday. I thought we were going to be in a bind but it all worked out and NFCU let us close in CA even though they knew the check wouldn't be in from the sale in time. Bottom line is, if they say you all will be ok, then I would feel safe.

Good luck,
Bill

 

[diamonback68]

Tell her to sweat not, it's only sticks and bricks and not as important as family and friendship. You'll learn that when you get old like me. Nobody ever hooked a U-Haul to a hearse.

 

[Airpark]

I agree with Diamondback 100%. "Nobody ever hooked a U-Haul to a hearse."

AND: I might add...ENJOY it while you CAN!

I'm way up there is years, attend funerals on a regular basis and,

"I have never seen a Brinks Truck in the funeral cortege."

You cannot take it with you. Plus; the relatives and kin folks will fight like hell over it after you are gone. They always do.

 

[parallel]

Thanks y'all. She wouldn't be nearly so nervous about it if we had sold this house first. I have told her that so far in our lives when things such as this come about and we wish things were different we usually end up realizing that the way things turned out was for the best. It just seems to be that way for us.