House update

In addition to having us both take a sick day this week, we have had some slow progress with the house. The appraiser was finally able to go in on Tuesday and do his job and his report came back on Friday. Our rate also expires on Friday, bummer they wont give us the new lower rate, but they are just going to "extend" our current rate. Anyway, the loan now has to go back to underwriting and our loan officer "hopes" that it will be done in time for us to close by Thursday, because our new closing date is Thursday and the bank will start charging us 100 dollars a day for each day past April 30th. Shari and I were both worried because our lender did not sound too hopefully of it getting done before then. . . . not good.

But Aunt Kaye sent me a text to find out how the house was going and I called and talked to her about a few things that will hopefully get things moving along again. First, I found out it is normal for them to extend the rate, so can't be too upset about us not being able to get a lower rate.

Second however, I found out that purchases have priority over refinances, so if they have a "large volume" as our loan officer said, ours should get top priority as it has a dead line.

Third, I found out that we can request, that the loan close on time, or we can have the banks 100 dollars a day taken out of the origination fee (we still have to check the details of this to make sure it gets into the HUD part of the loan, but that is the goal).

Having informed our loan officer that we know how little work underwriting should have to do (look over the appraisal and review two pieces of information they requested), and that underwriting should not have any problems getting it completed Monday, in time for us to sign on Tuesday. We also informed our loan officer that we wanted to make sure the HUD stated that if there are any fees ($100 per day) incurred from the selling bank because it goes past closing date, then those fees need to come out of the origination fee. We have yet to hear back from the loan officer, but hopefully this will put a little fire under someone so that we can get this done in time.

A few prayers wouldn't hurt us any ether as we REALLY need everything to be wrapped up by Thursday to meet our closing deadline. That and we are now on a four week count down for being out of the apartment, we have carpet to rip up, a house to paint, and moving to be done, not to mention that we are both working and attending school full time, while getting ready to leave on Memorial day for a two week first anniversary trip! Good thing I am ahead on my homework for now, as it may be a while before you hear from us again. I should be packing . . .