Commitment Letter!

I got my commitment letter in the mail a few days ago. Meaning, I have been approved for a mortgage and barring any major issues, I am set to close on the apartment in just a few short weeks.

Wow.

Keeping my fingers crossed that things go well.

I just finished my big project for my capstone seminar class so I feel a little less stressed out at the moment. Keep you posted!

J

My Election Day...

So today was my coop board vote for the apartment I'm buying....

It took all but 15 seconds....

I have been officially approved by the Cooperative! Now all that's left is getting clearance from the bank and setting a closing date! I'm so freaking excited. I can't wait to get it over with! I'll keep you posted!

J.

Mortgage Application

This might as well be written in Chinese, it is so confusing. Thank goodness for Neighbors Helping Neighbors!

Where's the whiteout?

Board Interview.

So I have a board interviewed scheduled for this Wednesday night!

What do I wear?!

Still waiting to fill out the mortgage application but I'm hoping that will be painless. Apparently, the board interview is a good sign that I'm a shoe-in. Let's hope so. I'm eager to have my own place! Wish me luck!

J

In Contract...

So after all that's said and done, I was finally able to complete the inspection and get started on the contract. I went to see my lawyer today (a great guy who seems on top of his game) so that he can explain the contract to me in layman's terms. The thing was 15 pages long, plus two addendums. Seriously though? Ha! It's a good thing I pay someone else to make sure it's accurate. I was so confused with all the legal terms and wording. And I thought Public Sector financing was hard!

After he explained all the gory details of the contract, I signed my life away like 15 times and wrote a big fat check to the seller's attorney. I've never written a check for that amount before in my life! Now comes the scary process of applying for a mortgage and completing the coop application. This is all happening so fast but I am up for the challenge! I just hope I can balance this with writing my thesis paper which is due around the same time I'm supposed to close...what was I thinking? Oh yeah, a homeowner! Stay tuned for more deets!

J

Almost In-Contract....

So my offer on the other apartment was accepted! This place has a lot of charm and I can definitely see the potential of it. Just had the inspection last week. Although the apartment needs some deep cleaning and conditioning it's in decent shape. The Electrical Box, however, needs to be replaced. Apparently, the current circuit breaker model has been known to cause fires and this can prevent me from getting financing. After talking with my Realtor, we decided to ask the owner to replace the circuit breaker as soon as possible (as well as some other minor issues in the apartment).

This is all so surreal. I still can't believe I'm in this process. For such a long time, I've been dreaming about being a home-owner and building my equity and now that it's happening, I can't believe it! I'm keeping my fingers and toes crossed that this all works out. It's incredibly intimidating but I've been preparing for this moment for over a year. Big big shout out to Neighbors Helping Neighbors for their support and guidance through this process. Another big shout out to Maya and Gui for referring their bad-ass attorney. I'll keep y'all posted!

J

Not Even a Phone call though???

So I made my first offer!

And then I waited...

And waited...

And waited some more...

Until I could not take it anymore.

It turns out, the owner of the unit is no longer listing the apartment and has decided to live in the unit herself. Ugh. That's totally not fair! It was supposed to be mine! And furthermore, you could have at least told your realtor to inform the other 4 people who bid on the apartment that it was no longer available. So rude to just keep us hanging like that! But whatevs. I am in the process of looking at other places and found another nice spot in the same building and put it offer. I'm keeping my fingers and toes crossed that I at least get a response this time! Pray for me y'all!

Xoxo,
J

Did I just do that?

I, Julio P have just submitted my first offer on a home. Oh. My. Cher! I thought my heart was going to pop out of my chest. I was (still am) so anxious.
What if they reject it?
What if they counter?
What if they accept it?
Only time will tell. Let's wait and see what happens. I need to meditate.

Pre-Approved...Check!

I was pre-approved for a mortgage! Woop woop! I am officially another step closer to getting my own place! Now all I have to do is meet up with my Realtor and put an offer in the apartment that I have been looking at for a long time...keep your fingers crossed for me people! Xoxo. Julio

Break over...Pre-Approval starts!

So I just scanned a whole bunch of documents (verification letter, paystubs, W-2's, bank statements, ID's, and all that!) to get pre-approved for a mortgage! Keep your fingers crossed y'all! This is all so very exciting!

Pumping my Brakes....

So after completing the First Time Home Buyers workshops, gathering up all my income and personal documents, and researching what kind of kitchen appliances I want, I have decided to take a short break from the home buying process.

After evaluating my finances and dealing with other issues, it only makes sense. Why am I rushing into something? Interest rates are low, and they will stay low for some time longer. I would feel much more comfortable waiting until September/October to start up again than buying something next month feeling like I'm not financially stable. It's a hard decision, but one I can live with.

So, for the time being, I will suspend my home-search. Stay tuned though, as I post and share more information! Be well!

J

First Time Home Buyer Seminars...CHECK!

So on Monday I finished the first time home buyer seminars provided by Neighbors Helping Neighbors, an affiliate of the Fifth Ave Committee. These seminars covered a range of topics from budgeting and searching for a home to what the exact process is for buying a home. There was soo much information! For a bit I was a little overwhelmed and felt like it was too much to learn in a short period of time. But the instructor, a great guy by the name of Robert was very helpful and did not move on to the next topic until we understood what we were talking about.

We also learned about the role of the real estate broker, real estate attorney, a mortgage broker and a loan officer. So many different people involved in the process. Did you know that there are three lawyers involved in the home-buying process? Your attorney, the seller's attorney and the Bank's attorney...and guess who pays for two of them? ME. What joy! Haha.

But in all seriousness, these workshops were amazing. I don't think I could be able to buy my place if it weren't for this classes. I definitely feel more prepared to move forward in the process. Summer can't come any sooner! Stay tuned folks! ;-)

Taking the Next Steps...

So it's been some time since my last post and there's much to discuss! I contacted the husband of an old friend who happens to be a real estate agent and hopefully, he can help me with my search for a new home. I always said that when I buy a house, I'd want to work with someone I know and can trust! It's a good thing I started this process early because I would be going crazy if I had to do all of this last minute.

Next week I begin the 3-day Workshops at Neighbors Helping Neighbors. It's supposed to be far more intense than the other workshop I attended last year; budgeting, planning for emergencies, avoiding foreclosure, etc... I am really looking forward to it and all the suggestions they can provide. I am also looking forward to the government grants and assistance programs I'll qualify for!

Lastly, I am at around 75% of my savings goal. The end so close I can taste it!

Wish me luck next week y'all!

*Special shout out to Gui and Maya for giving me great advice and being awesome first-time-home-buyer models! ;-)