We met with the lender yesterday after work. I was a bit nervous, because while I’m cool with the whole “house hunting” aspect, sitting down to figure out how we were going to pay for it was a bit daunting.
We’re not talking about buying some rinky-dink house. We’re trying to buy a nice house, a house that we can grow in and make a home. A house that quite honestly, I didn’t know we could afford. But when the lender broke it down to us, our mortgage would only be $100 more than we pay right now for rent and garage space. That’s it. Holy smokes, Batman.
Plus, if we get an FHA loan, we’ll only need to put 3.5% down, which, for our price range, is anywhere from $5,000 to $9,000. Totally doable.
Takeaway tip: Do your research beforehand, both on the lender and the process. Make sure you find someone through word of mouth and see if they’re a good fit for you. Are they prompt in answering your calls and e-mails? Are they friendly? As for the process, check out this page from Fifth Third Bank that breaks it down for you.
Next installment: Going to our first open house.
I can’t wait to come to your new fab house for cappucino made with your fabulous new espresso machine and a bit biscotti! 😉