Wow. The last few weeks have been the most stressful I've experienced in a very long time. It all started back at the beginning of the month. We had dinner at my brother's and met up with my cousin, who happens to be a real estate agent. We were telling him how our plan was to buy a new house in a couple of years, mostly so we could get into a better school district for the kids. We had never really considered purchasing a home right now because of me being self-employed with a young business. We figured it would be hard for us to get a new mortgage.
After discussing it with my cousin, I decided to call a mortgage broker just to see what we would qualify for. To my surprise, the mortgage broker told me we actually would qualify for a mortgage in the amount that we wanted, so we decided to look for a new house.
I ended up visiting the house on October 7th, and then we made an offer on October 8th that was accepted! So, we are the owners of a brand new construction home in a brand new neighborhood in the school district we were hoping for. It was actually the last house left to be sold in the entire neighborhood.
After purchasing the new home, we had a snafu with our lender that left us scrambling to find a new one earlier this week...with a closing date of November 13th fast approaching. After calling 5 different lenders and being told by one that even if we got a loan approval, the loan wouldn't be able to be completed before Thanksgiving, we found a local bank that was willing to do a direct loan to us - not through Fannie Mae or Freddie Mac. What has made it difficult for us is that we haven't sold our current home yet, so we technically need to qualify for both mortgage payments; since I'm self-employed, lenders look at my last 2 years income and do not take my current year's income into account; and even though Scott has been working in sales for the last 9 years and making commissions, they won't count his commission because he's been at his current employer less than 2 years.
I think everything with our current lender is going to work out, I'm just nervous about us hitting our November 13th closing date. For each day we're late, we have to pay $250, so I'm crossing my fingers! The next step is getting our current home ready to list. We plan on having it on the market on October 30th.
In the midst of all this, I've been recovering from some surgery that I had on October 8th that has left me pretty sore, and Scott was in Las Vegas last week for work for a few days, which means I was a solo parent. Thank goodness for wine!