Would you want a new mortgage right now?

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One Response to “Would you want a new mortgage right now?”

1. No Shortage on: 23 September 2009 at 2:44 am

   We are in the process of getting approved for a mortgage right now to buy a second home. Our credit scores are brilliant, and we have been told that we will be approved, but that the lender is asking for extra paperwork and extra time to look at everything, and it will take a small bit longer than usual to go through. The caution of the lender is due to the fact that I own my own business. I don’t feel inconvenienced or upset about this at all. I appreciate the lender’s desire to be conscientious and thorough, so we will wait and do so happily.

   We are applying for a plain vanilla 30-year, conventional, fixed rate mortgage on a second home. We are not worried. We want to take advantage of the tanked real estate market in our state and turn our home into a rental/income property and trade up for ourselves.

   As for credit, we just used a local store’s 18 months same as cash policy to buy a mattress and some furniture. We have done this several times over the years to buy huge ticket items, such as furniture, a camera, and a diamond ring. We buy the item on a credit card issued by the store, and we always pay it off well in advance of the expiration date. It allows us to pay in cash out of funds we have coming in without having to take any money out of our accounts. We also paid for our bathroom renovation this way, putting the bill on an interest-free credit card and then paying it off during the promo period. When the items are paid for, we always cancel the credit card.

   As for a car, the car I drive is on its way out the door if it doesn’t perform better for me this winter. Last winter was really terrible here, and my car was terrible. We took off the factory tires and place better tires on it, and if that doesn’t work, excellent-bye car.

   As for refinancing our home, we don’t refinance. It’s a waste of money in our opinion. I know people who used to do it every other year or so before the real estate market really tanked, and I reckon that’s nuts.