I'm signing the mortgage on a new house today--ask me anything

[Goblinmonger]

[kay1864]

1. How did you choose the lender?

And congrats!

[Goblinmonger]

3. Thanks

We went with our local credit union. They are good to us and had the best rates going.

[kay1864]

5. Good for you!

Credit unions are almost always a good bet. Way too many people I know go with XYZ Mortgage "because my neighbor said they were good". Then six months later the mortgage is sold to another company.

Do you get to move in right away?

[Goblinmonger]

7. Yep

As soon as we sign our names 500 times, we will start moving in. Step one is to make sure the hot tub is warm because we will be in it tonight.

I really like our credit union. They sold the mortgage on our other house after a few years to the state Credit Union "central" but that wasn't so bad.

[kay1864]

9. Just be glad your

SO is available to sign. When we bought our house a few years ago, Mrs. Kay wasn't going to be available, and I was going to have to sign "By power of attorney, Kay1864 for Mrs. Kay1864" along with my own name.

On every page requiring a signature.

Fortunately her plans changed and she was able to make it.

[Goblinmonger]

12. Ouch

that would have SUCKED. My wife is an attorney, so she gets to do all the reading, too. She does some real estate law, so she basically knows the forms.

[kay1864]

16. One thing to look for...

That your wife will probably look for anyway:

See how the closing costs compare with what the credit union said on their Good Faith Estimate. If any of the costs are way out of line (e.g. a $300 documentation fee that wasn't even on the estimate), you can ask the lender about it while you're at the signing. Oftentimes they'll rebate it to you after closing.

[atomic-fly]

2. Fixer up-er or ready to roll?

[Goblinmonger]

4. It is SO ready to roll.

My favorite toys: in-furnace humidifier, air exchanger, underground sprinkler, hot tub, in-wall wiring for surround sound (the only work I need to do on it is to put in the in-wall speakers).

Oh yeah, and the 14x6 walk-in closet.

[atomic-fly]

15. Sweeeeet!

Good for you!

[LisaLynne]

6. Congrats!!!!!

That's so exciting! It can be scary when you actually get in there and see that contract staring you in the face. :) Go out for ice cream afterwards. That's my suggestion. :)

[Goblinmonger]

8. Ice cream is ALWAYS good.

Actually the worst part is that we still need to sell the old house. But I'm sure it will sell quickly.

[Left Is Write]

10. Are you feeling relief? Trepidation? Happiness? A little of all?

[Goblinmonger]

13. Yes to all

Once the old house is sold, it will be all joy.

[miss_american_pie]

11. Are you going to look at the really big number

on the mortgage papers?

[Goblinmonger]

14. Nope

Not at all. I'm signing blind.