Dim light, long tunnel….

25 Jan

We’re STILL waiting for our closing date. Almost everything is in place, with the exception of our mortgage insurance (aka the dreaded PMI.)

Yesterday, we got a letter in the mail, a very thin letter. Oddly enough, it brought me right back to 1996 & the college application process, where a thin letter in the mail from a college was not a good sign. Fortunately, I never had the misfortune of getting one of those rejection letters. Until now. We were DENIED by the bank’s PMI company! Needless to say, we are much less than pleased, and are freaking out a bit. Our mortgage dude said everything these days is “normal”, but I’m thinking he told us that to keep us from going into full panic mode.  Regardless, it’s a real kick in the pants since EVERYTHING else was approved and this garbage is the only thing standing between us and our new house!

For those who don’t know what PMI is, (folks who aren’t homebuyers, or homebuyers with boatloads of cash lying around) it’s a type of insurance you have to pay monthly, guaranteeing you won’t default on your loan, if you don’t put 20% down (we only did 10% so we’d have cash available for improvements). So we’re stuck paying that until we have 20% equity in the house. Stinks.

On a brighter note, we do have a couple who seem really into taking over our lease. They can’t move in until March 1st, but at this rate, that may not be such a bad thing.  Plus, it will give us a chance, provided we close soon, to get into the new house to clean and whatnot before moving our stuff in. They still have to meet the landlord though. The last couple that made it this far decided the day they were going to meet the LL, they couldn’t afford the rent!

Speaking of the landlord… he & his wife are coming over tonight to “look around” the house because they haven’t seen it in a while! Hope they’re into all of the improvements we made without consulting them… Yikes.


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