Today I got an email from my attorney enquiring if I had secured a mortgage commitment as yet. Sadly, I had to respond, no.
It is a reasonably question to ask when you
consider that I made an offer on the home on May 3rd 2013 and we
went into contract at the end of May.
Everything else from here on in should have gone smoothly. I thought wrong. Having never purchased a home
before I didn't understand the process. I assumed that because I had a 10% down
payment and good credit that would be enough. I even completed a first time
home buyers class, at HSBC’s request, at a community organization and received
a certificate of completion. This class
cost me a nonrefundable fee of $75. The community organization wasn't all bad and I don’t
want to give the impression that they did not assist. They helped me to apply for a down payment assistant grant. I am truly grateful for that.
Still, here I am six weeks later without a
mortgage commitment from HSBC and waiting anxiously to move forward on the
property. I’m learning quickly that I've
made some mistakes in this process. I did not shop around for a mortgage.
Instead, in my haste, I relied on HSBC because we had history together. I was
involved in their First Home Club program, where they would match my monthly
savings of $188 and put that money toward my closing costs. The idea of free money was tantalizing. One advice
I would give to other first time home buyers is to definitely compare various
lenders before committing to one.
One of the ways that I have been keeping myself
busy throughout this troubling time is through positive thinking. I have not
allowed myself to believe that my mortgage application will be denied. I have been making a list of things I would
like to do around the home. In a previous post, I mention that I have a very
tight budget of $3500 to decorate the entire home with the exception of the
kitchen ( that would be a full renovation job). Here is a list of things that I
would like to have accomplished (notice the very original and catchy title, lol)
Marissa’s
Home Décor Budget
Entry Hallway
|
Estimated
Spending
|
Actual Spending
|
1.
Paint
|
||
2.
Mirror
|
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3. Picture Frames
|
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Bathroom
|
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1.
Paint
(white gloss)
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2.
Shower
curtain
|
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3.
Toilet
seat (blue)
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4.
Storage
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5.
Bath
rugs
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6.
Bath
mat
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Bedroom #1
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1.
Paint
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2.
Area
Rug
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3.
Upholstered
Headboard
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4.
Mirror
|
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5.
Dresser
|
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6.
End
Tables (2)
|
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7.
Curtains
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Living /Dining Room
|
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1.
Sofa
|
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2.
Dining
table and chairs
|
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3.
Area
Rug
|
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4.
Buffet/
Console table
|
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5.
Picture
Frames
|
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6.
TV
stand
|
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7.
TV
(46 inches???)
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8.
Bookcase
|
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9.
End
tables
|
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10.
Chair
|
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11. Ottoman
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Bedroom # 2
|
||
1.
Full
bed
|
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2.
Computer
desk
|
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3.
Slipper
chair
|
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4.
Paint
|
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5.
Area
Rug
|
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Patio
|
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1.
Chairs
|
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2.
Rug
|
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3.
Flower
boxes
|
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Kitchen
|
||
1.
Silver
paint
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Total
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