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Off Topic-cold feet for mortgage?

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Established Member

Off Topic-cold feet for mortgage?

Everyone has been great on here. You all have reassured and directed me through this process. I am coming to the end and I am getting what I think are cold feet. I just need to vent and hopfully someone can identify with me...

I am a single mom of 2 kids (one in college now). It is only  me purchasing this new home which is a build and I have never experience that before. I am moving to another city I am not familiar with but have obsessed over where to move prior to this. I have lived in my current city since 1996. So new home, new surroundings, new school for my youngest, new friends for him to make, no memories of past, and I will no longer be renting. My rent was 300 cheaper and half the square footage of what I am buying. I am walking in with lots of equity and I know its crazy to rent. My mom passed last year and was always worried about me and the boys. I am trying to focus on the positives and not worry over what may or may not happen. I think I am just stressed to the  max. thank you for letting me rant.

6 REPLIES 6
Established Member

Re: Off Topic-cold feet for mortgage?

I do understand! In fact, my husband practically had a meltdown about this very thing this morning. I have owned a home in the past, and we're about to pay just a bit over what I used to pay all by myself in a tiny townhome except that we're getting a lot more land and a much bigger home, so to me it's not a big deal. He, on the other hand, is completely freaking out and worried we will be "house poor." I showed him our budget right now and I think it calmed him down a bit, but it's totally normal to get cold feet. This is one of the biggest transactions you will ever make, so I think it's completely normal and happens to everyone. I think once you all get settled and get into a "groove" you will be fine and happy you made the decision Smiley Happy 

Message 2 of 7
Community Leader
Senior Contributor

Re: Off Topic-cold feet for mortgage?


@lgemini72 wrote:

Everyone has been great on here. You all have reassured and directed me through this process. I am coming to the end and I am getting what I think are cold feet. I just need to vent and hopfully someone can identify with me...

I am a single mom of 2 kids (one in college now). It is only  me purchasing this new home which is a build and I have never experience that before. I am moving to another city I am not familiar with but have obsessed over where to move prior to this. I have lived in my current city since 1996. So new home, new surroundings, new school for my youngest, new friends for him to make, no memories of past, and I will no longer be renting. My rent was 300 cheaper and half the square footage of what I am buying. I am walking in with lots of equity and I know its crazy to rent. My mom passed last year and was always worried about me and the boys. I am trying to focus on the positives and not worry over what may or may not happen. I think I am just stressed to the  max. thank you for letting me rant.


First, I just want to say a big congratulations on this wonderful, monumental step in your life. Kudos to you! Sometimes we have to make changes in our life and your’s look all positive and on the right track. Just how more wonderful can it be to own your own home. There really is no other feeling like it. Just get prepared to wake up every morning hugging yourself saying—is this really mine? And grinning like a maniac because it is.

 

Take everything slowly and in stride. If I have to give one piece of advice it is this. Don’t go out right away and buy a lot of stuff. Take your time and purchase things you need, not want. This is YOUR home. You’re going to be there a while and it’s okay to buy stuff slowly and deliberately. Get use to paying your mortgage and utilities. And most of all—ENJOY YOUR HOME AND ACCOMPLISHMENT!

 

You deserve it!!

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Message 3 of 7
Established Contributor

Re: Off Topic-cold feet for mortgage?

Yup, trade those cold feet for a cold beer!

 

Congrats.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 4 of 7
Established Contributor

Re: Off Topic-cold feet for mortgage?

Your feelings are very normal. I had a client like you several years ago who called in the 11th hour wanting to cancel. She explain her reasoning and after she spewed, I told her it based on my many years in the business, that her purchase/investment was good one. Although her credit wasn't stellar and I had to use an FHA loan to get her in, I explained she could come back to me after a couple of years and she could refi into a better loan. That woman recently called back with the recent rate drop, and she had explained to all the good things that had happened over the past few years. In addition, we were amazed with the fact that her home's value had doubled over the past 5 years. Think about that! Long story short, she thanked me for pointing out the good, bad and the ugly and as it turned out for this lady, it was a Very profitable decision.

 

Best wishes to you and your decision

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 5 of 7
Regular Contributor

Re: Off Topic-cold feet for mortgage?

We are there. We sold a home and are trying to buy in a new location. We're vaccilating between renting another year or just buying now and it's so tough because this is a whole new market (cross-country from the last), the cost of living is SO MUCH HIGHER, and now we have small kids in private school. It's SO HARD to figure out whether you can actually afford it! We budget consistently, but with our kids being so young and being 1/2 self-employment income that has swung wildly over the last three years, my husband is firmly on the side of wait as long as possible, while I just want to UNPACK! 

 

We did our pre-qual in May and have looked lacklusterly while trying to pay down our credit card debts to get our scores where they need to be, but having been a homeowner, I'll just say: it's really nice once you bite the bullet and do it. As long as you have your reserves and you're prepared for maintenance (in your case, it's a new home so probably has a warranty, so that's great!) it's always really nice. Especially when you first buy and you're making it your own.

 

Enjoy your new home! Hopefully I'll be there by Christmas!

 

Message 6 of 7
Established Member

Re: Off Topic-cold feet for mortgage?

Thank you everyone! I am getting closer to the closing date so my nerves are all bundled up. My kids are excited and I am trying to get there. I guess with all the credit issues I had to overcome I am still hesitant just in case something pops up. I am hoping once I sign and move in it will be all smiles and excitement instead of worries and second guessing. I have rented so long in the same area it is a big change.

Message 7 of 7
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