This year has been full of surprises. I started fixing my credit right when covid hit and never thought home ownership would be here so soon. I had a few paid charge offs and didn't think I'd ever get approved with them still on there.
We started our search exactly 17 months ago. We kept getting out bid when the rates were low. At that time our rate was 2.875%. We signed a new build contract last May and things hit a standstill and our lot wasn't dug until middle of Nov. Around April of this year we did a new credit pull and obviously the rates are much higher. We locked at 4.875%. I am so happy as this is still well within budget and we are getting our dream home. I've learned so much over this process and this forum has been a great help and has helped ease some stress when I was unsure of the process. I can't wait. Got the CD yesterday and will close tomorrow.
Glad it worked out and you're rate lock is better than today's so...kudos!
My first home loan was Oct 2015 and while I had zero baddies, almost all of my accounts were new or less than 6 months old. My AAoA was about that. I don't remember exactly my rate, but it was about 4.5-4.75% on a 30 year fixed. One year later I refinanced for 3.5%. I paid $147,500 for my house and the amount of money I am saving on the 1% is great! When all of this rate dirt settles, a refinance may be an option for you too. Congrats on the Closing!
congrats! you are smarter than we were, getting on top of this before the rates jumped
Thank you I tried. I wish we'd got to keep our original rate of 2.875. But I'm still happy with the current rate.
I hope to refinance after the rate dust settles. I know it might be a while though.
Thank you. I'm glad it all worked out to. It wasn't without stress from the first lender dropping the ball. But I'm so thankful it will be over today.
Congrats! Great news
Congratulations new home owner! Keep the home spending on a budget cause daddy likes toys...