Loans and Inspections

Well, the road towards homeownership comtinues! Last week, I had two big hurtles to get through - the inspection, and my loan signing. I was far more worried about the inspection than the loan signing, but as it turned out it should have been the other way around! The inspection was done by a really nice guy named Bob whoexplained everything in extreme detail. The house is mostly in pretty good shape. The few bigger issues are going to be covered by the seller (well, I hope so - I found out for sure later this coming week), and the other stuff all seems to be things that I can learn to do myself (Bob seemed to think so, anyway). So, check off the inspection - done!

Then we moved on to the loan signing. It was originally scheduled for last Wednesday, but it was delayed due to a tornado warning in our area. That should have been my first clue that this was not going to be a fun experience. I mean, it all turned out okay in the end, but watching a seemingly endless stream of paperwork pass in front of you, most of which might as well be complete gibberish for all the sense it makes, showing exactly how much money you're going to be giving up - well its terrifying to say the least. There was a moment when I honestly thought I might have a panic attack. "Wait! Wait! I was wrong - there's no way I can afford a house! Can we just forget about this??" That's what I felt like saying. But, the last thing they do is show you all the money going in to the deal from the seller and from the FHA, and suddenly things look a lot better! I'm still pretty much committing myself to 30 years of donating most of my paycheck to the cause, but at least now I'm getting something out of it - unlike renting, where I got nothing out of it. That's what I keep telling myself anyway...

So, I now have my closing date: August 27th. By the end of that day I should have the keys to the house in my hand and I can pop some champagne in my new living room!