October 28, 2009

Home Owner

It's been the better part of a year since I imagined myself buying a home. The house behind where Zippy and I live was foreclosed - and I thought it might be a steal (and be a way to move out but stay connected). I did not get too far at that time, but the seed was planted. I spent much of the summer house hunting, and the past few months biting my nails as I waited for the mortgage to come through. And today, I closed on a condo in New Britain.

The past 24 hours had a small bit of drama. My mortgage broker called last night with the final settlement number - it was within the good faith estimate, but it seemed about $1000 high based on my calculations. I fretted a bit but did not panic, mentioned it to my broker, and this morning when I went to go over the numbers, I was proven right - the lawyer had added in some money for points which my new mortgage did not contain.

And after a grey but dry morning, I emerged from my office at 12:30 pm to a torrential downpour - so I arrived at the walk through soaked. I dried out en route to the closing (in East Haven) but the ride down (following my real estate agent in her zippy Saab) was nerve-racking (I need new tires, so was a little concerned about hyroplaning). Closing was pretty calm - I met the seller, and in a room full of people (two lawyers, two brokers, a buyer a seller, and my mortgage broker) I signed and initialed about 100 pieces of paper. And bought a condo.

After the closing I dropped by (in the rain) to empty my car (vacuum cleaner, some kitchen stuff from my office, my yoga toys and some musical gack), and then went to Target where I dropped $100 on house ephemera: garbage cans, light bulbs, cleaning supplies, laundry rack.

Zippy, our friend Pat, and I went over tonight after dinner - Zippy and Pat played pool (getting it in before I find a home for the table) and I unpacked more cleaning supplies, put some carpet freshener down and vacuumed the whole place. I have a lot of cleaning and organizing to do, and lots of moving.

I'm in the old place for another week or so - Nov 7 is the projected "big move" day.

But....yeah. Happy. Relieved.

In other news - I get a call from my primary credit card tonight. They were informing me of the new credit rules (and, I think, trying to sell me on keeping the "honor overdrafts and pay the fee" stuff, which I declined.) But in the process of that, the woman on the phone mentioned a credit line that was $4000 higher than it has been, historically. And so I checked tonight (as I updated my address to the new place) and indeed - my credit limit has been raised.

Does being a homeowner and having a mortage (which is at this point all of 9 hours old) automatically boost my credi-worthiness? I dunno. I am so not gonna come close to that extra credit limit, that's all I know....

2 comments:

AmyBergquist said...

I would think that being a new home owner would actually LOWER your credit-worthiness for a bit, simply because you've just taken on a lot of new debt and that changes your debt-to-income ratios. They may have raised your credit limit, not realizing that you were in the process of purchasing property. They don't have visibility to that until the mortgage hits the books and is connected to your social security number.

Jude said...

Yeah, my thoughts too. The timing was just odd....