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Xenosaga, Say What?, Huh?


I... uhm. I got a call from Dan Crittenden, the mortgage guy, this morning.

I got approved.

First-stage only, there's still more to go through, but I got approved for a $450,000 mortgage. I have to put down $20,000, but that's way better than the $90,000 that Mike and Keith have been pushing for, and the payments are still lower, and I'm allowed to declare the $20,000 a gift -- meaning I can beg it off of mom from her inheritance, and it won't affect the approval. And the interest is 6.5% fixed.

I got approved.

...are these people INSANE?! o.O;


Dan should be able to give you a letter of commitment for the $450K at a certain set of terms. You can then take that letter and do any type of house shopping you'd like -- whether existing houses or new houses. You then don't need to deal with him again until you've made an offer on a place.

In the meantime, definitely do get that buyer's real estate agent, whether you're deciding to get this place, or continuing to shop. They'll help you figure out if the price is reasonable, what your alternatives could be, handle the negotiation, and so forth.

Also note that in addition to your down payment, you will need a certain amount of money in closing costs, in cash. Closing costs could easily exceed $10,000 on a house like that.