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Jun. 2nd, 2006 06:13 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
geminigirlThis morning started with insomnia. Very bad insomnia. I think I finally fell asleep a bit before six AM. I slept about two and a half hours before Cayne woke me to ask me where papers he needed for the meeting with mortgage guy were. I had set aside some of them, deliberately. I hadn't realized he was going to want another set...a set which I'd asked him to label and put in my desk. After nearly an hour of looking, I finally turned them up, mixed in with some recipe magazines, on top of the microwave-a place where Cayne claimed to have already looked, after discovering that the papers weren't in my desk, where they belonged. At that point, there was little sense in going back to sleep before the meeting with mortgage guy.
We met with mortgage guy...for far longer than I expected. Mortgage guy who found us a way into the FHA loan has also found us a way to make a smaller downpayment. The difference between what our cost per month is expected to be with the large downpayment vs. the small downpayment is about $120 per month-not an insurmountable sum. We can also, of course, put down any amount in between. We're getting differing advice about what the best course of action is...put down the larger sum, you'll have smaller monthly payments, put down the smaller sum, and leave more available cash for yourselves in case of an emergency. And of course the part about how "You can always make larger payments than what's due on your account." And the truth is, I'd probably budget the same amount per month for mortgage payments, no matter what we put down. The real answer is that we have to do what we're comfortable with...but knowing that we've got to think about things like ptentially having significant home repairs because things blow up, and we know we're going to have to replace one of the cars soon, but if it's sooner rather than later, especially with Cayne having a daily car commute, which he doesn't now, we're going to need reliable vehicles. And there's also the fact that there are costs in owning a home that don't occur in a rental property, and we need to remember that we'll end up needing to take those on. So, we're thinking about what makes the most sense to do.
It pleases me that Cayne and I had reasonable fraud detectors going through this home search. Last week we met with someone from Barrington Homes about a town house development they were building in Winter Park, with fabulous pre construction prices. We didn't feel comfortable with the sales pitch; something didn't sit right with us, and so, in the car, on the way back here, we decided to pass on it. Then, earlier this week they shut their doors, and were sued by a bunch of their subcontractors. The woman we met with was in fact, on the news, weeping.
This weekend, no plans. It's too early to start packing.
We met with mortgage guy...for far longer than I expected. Mortgage guy who found us a way into the FHA loan has also found us a way to make a smaller downpayment. The difference between what our cost per month is expected to be with the large downpayment vs. the small downpayment is about $120 per month-not an insurmountable sum. We can also, of course, put down any amount in between. We're getting differing advice about what the best course of action is...put down the larger sum, you'll have smaller monthly payments, put down the smaller sum, and leave more available cash for yourselves in case of an emergency. And of course the part about how "You can always make larger payments than what's due on your account." And the truth is, I'd probably budget the same amount per month for mortgage payments, no matter what we put down. The real answer is that we have to do what we're comfortable with...but knowing that we've got to think about things like ptentially having significant home repairs because things blow up, and we know we're going to have to replace one of the cars soon, but if it's sooner rather than later, especially with Cayne having a daily car commute, which he doesn't now, we're going to need reliable vehicles. And there's also the fact that there are costs in owning a home that don't occur in a rental property, and we need to remember that we'll end up needing to take those on. So, we're thinking about what makes the most sense to do.
It pleases me that Cayne and I had reasonable fraud detectors going through this home search. Last week we met with someone from Barrington Homes about a town house development they were building in Winter Park, with fabulous pre construction prices. We didn't feel comfortable with the sales pitch; something didn't sit right with us, and so, in the car, on the way back here, we decided to pass on it. Then, earlier this week they shut their doors, and were sued by a bunch of their subcontractors. The woman we met with was in fact, on the news, weeping.
This weekend, no plans. It's too early to start packing.
