I have a little over 2 weeks before I close on the house. There are so many things that need to be rounded up prior to closing. One of which was the appraisal. I really hate the way that they appraise the house. Some say this and others say this. This is all dependent on whats going on in the neighborhood around you. Once the appraisal was finished my agent is taking care of the paperwork necessary to finally put the application in for the loan. This has been a tedious task, because of the full documentation needed to prove my income (which is very little might I add) and the amount of debt. I paid off all of my 5K in credit card debt and now only the school loan and car payment is left. Boy, does that school loan really mess with the net worth.
I recently signed an addendum to the contract to fix the items in the house that should have been finished before declaring the house was finished. Some items included a leaky faucet, kitchen exhaust fan, front door locks, and the basement windows and carpeting. The addendum basically said that all these items will be fixed. The seller has agreed to fix these items and then we are well on our way.
Prior to closing, you shouldn’t take out any loans (i.e. credit card applications, car insurance quotes) or create any hard hits on the credit report. This will bring your score down. But if you have a good agent and loan officer, they typically lock in a rate that is pretty much what it will be at closing. So just wait until after closing before doing any of that nonsense. I still have to get the gift letter from my parents and now it’s finally time to go shopping at Home Depot and x10.com for a home security system. I will be doing th installs myself and we’ll see how that goes. Wish me luck.