Z/Web

Now it sounds like there may be some issues with the loan (someone is “worried” about something, all very vague, could be something, could be nothing), and my uncle (my Realtor) is concerned because we still haven’t gotten signatures from the bank selling the property, only their fax that said they accepted the contract. In other words, I don’t officially have a contract yet. It’s most likely just bureaucracy and bank carelessness, but it’s frustrating because we can’t move ahead with the inspection and other details until we’ve got signatures.

More bad news. Apparently the bank’s just uncovered a technicality that means I can’t qualify for the loan I’d been trying to get, which means we must now switch trains and find an entirely new loan. I’m really depressed now because all my financial calculations were based on the current loan’s rates and payments, and a new loan means going through all that again. The previous loan had low initial interest-only payments for five years and then went to an annual adjustable, which suited my plans perfectly. Now we’re looking at a 30-year fixed which has the same payments always, but means my initial payments will be much higher. Either is doable but being self-employed I really preferred the lower rates as my income can fluctuate. This turns all my calculations and plans on their head. I’m really depressed and wondering if this is worth the hassle. I hate involving emotions because than my decision-making is suspect, but I can’t help but be emotionally involved. I feel there’s this huge mile-long “To Do” list on my head in order to move my life to Oregon, yet I can’t get started on it. According to our original schedule I’d be in Oregon exactly 30 days from now — not a lot of time to pack up my life, especially considering I need to continue working in the meantime.

I just found out this new loan is a special first-time buyer loan and thus the interest rate is much lower than I expected (lower than regular 30-year fixed loans). That’s better. My monthly payments will still be higher than before, but not as bad as I was thinking, and that negative’s offset by the fact that I’d have a really low rate fixed for the next 30 years. Unfortunately there’s still a question or two about this new loan: we’re not sure if self-employeds qualify and there might be another complication or two. I guess we won’t know for a day or so.