Sunday, April 1, 2012

Homebuying Process

So since I spontaneously decided to buy an apartment and had my offer accepted at the end of January, I have been sitting around waiting to get a mortgage. I have a commitment letter from a bank now, but still no closing date. The property appraised last week at the asking price, so everything has been moving along smoothly, it's just been so slooooow. I'm happy though, as I locked in at 4% on my mortgage and a day or so later, rates went up above 4. yay!

I just updated my networth for Q1. I've almost reached by end of Q2 goal already, which is incredible. Of course next quarter my networth might go down, as I will be spending about $18K in closing costs. Ugh, everything in NY is so much more expensive than the rest of the country. However, prices tend to go up more as well in terms of real estate. The broker just put 6 more units identical to mine on the market at $50K more than I paid. No guarantee they will get what they are asking, but if they do in theory the value of my unit just went up by $50K as well.

In reality, I"m not counting on any appreciation in the real estate. I want to pay this puppy off, preferably in 10 years or less. Playing with the mortgage amortization calculators is so fun!

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