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Closing Tomorrow

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Ottley
New Contributor

Closing Tomorrow

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. 






Message 1 of 11
10 REPLIES 10
cashorcharge
Community Leader
Super Contributor

Re: Closing Tomorrow

Glad it worked out and you're rate lock is better than today's so...kudos!

Message 2 of 11
2b2rich
Established Contributor

Re: Closing Tomorrow

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!

Chapter 7 Discharged & Closed Jan 2020
Message 3 of 11
1t2b
Contributor

Re: Closing Tomorrow

congrats! you are smarter than we were, getting on top of this before the rates jumped

Message 4 of 11
Ottley
New Contributor

Re: Closing Tomorrow

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. 






Message 5 of 11
Ottley
New Contributor

Re: Closing Tomorrow

I hope to refinance after the rate dust settles. I know it might be a while though.






Message 6 of 11
Ottley
New Contributor

Re: Closing Tomorrow

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. 






Message 7 of 11
Adkins
Legendary Contributor

Re: Closing Tomorrow

Congratulations, OP!


Last HP 08-07-2023



Message 8 of 11
madcap3693
Valued Member

Re: Closing Tomorrow

Congrats!  Great news



Total Revolving Credit Limit: $224,710
AAoA: 8 Years 5 Months
AoOA: 19 Years 11 Months
AoYA: 0 Months

FICO SCORE 8


Message 9 of 11
flexin222
Regular Contributor

Re: Closing Tomorrow

Congratulations new home owner! Keep the home spending on a budget cause daddy likes toys...









Message 10 of 11
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