Skip to main content

Surviving Mortgage Underwriters and Small Budgets

Buying a home been has frustrating process and one I hope never to repeat again. Today, I heard from my mortgage company that the underwriter doesn't want to move forward on the mortgage unless they receive a letter stating the amount of monthly payments on my student loan. Frustrating. I had to contact Sallie Mae again for yet another confirmation letter.

 Sometimes, I feel like a headless chicken with all the running around that I have had to do. Last week the mortgage underwriter wanted to know why there was a discrepancy between my annual income for 2011 and 2012 and my projected income for 2013. And by discrepancy, I mean a difference of about $12 on my monthly income. I had to write a letter explaining that I was due a “cost of living” increase at my job.  I’m trying hard to remain patient. I just want to get to closing.
In other news, I’ve been thinking a lot about what I want this blog to be about. I’m not a particularly crafty person and I can’t teach you how to reupholster a chair. I like to buy my furniture readymade. About the only creative thing that I can do is paint.  So after watching an episode of The High Low Project, I think I’ve got a solution.  For those who haven’t seen the show before, Sabrina Soto designs a room in a client’s home with all the bells and whistles of their fantasy space (the high). If the client likes the look, she recreates it with less money(the low) to prove that you don’t need a large budget to decorate a room.
Unlike some of the clients on the show, who can spend $4000-$5000 on one room, I have a more modest budget. My budget for the entire coop is $3500. Included in this small budget is the furniture, paint, and accessories (stencil, curtains, mirrors, rugs, candles, etc) in my new home. That is $3500 total for the two bedrooms, dining room, living room and bathroom. I’m not including the kitchen because as I've mentioned before, it’s a huge renovation job that I’m estimating to cost a pretty penny. Really $3500? Yes and not a penny more. Can I do it? I guess you'll just have to wait and see.
In the video below Sabrina Soto talks about decorating on a budget.
Labels:

Comments

Post a Comment

Popular posts from this blog

Guest Bedroom Reveal!

I have a long to do list for my home. The problem is trying to priorities that to do list. Every item in my home was purchase, from the farmhouse chandeliers in the upstairs bedrooms to the doorknobs. All the door knobs. Furnishing a new home is quite expensive. Even though I am giddy and excited to get this home completely furniture and renovated, I have had to take a step back. I have had to just learn to live in a minimally furniture home.   I love it. I love the bare walls. I love the space.   I love the feel of not having clutter. On my last blog post, I showed some pictures of my kitchen and dining room, Today I want to share a few pictures from some of the other parts of the home. It's not perfect. I still need a dresser and a mirror but those will come in time.  In the meantime, this is what it looks like.
Post a Comment
Read more

I Got Pre-Approved!

Realtor.com So, I guess I’m really doing this now. After hemming and hawing for the last few months, I’m finally ready to begin the mortgage/home search. And what better way to start than getting pre-approved.  Last week, I spoke to a mortgage consultant and after submitting W2, pay stubs, banks statements, etc, I got pre-approved for a mortgage. The mortgage approval amount is pretty much what I expected if not too aggressive for my liking. I’d liked to find a lower priced property than the pre-approval amount.  Also, I’m not opposed to buying a property that needs a little work, I’m just not into doing any major renovation work.  I’m moving cautiously but the bottom line is, I’m once again looking at properties.  I’m really excited. I feel more comfortable, confident this time around. I'm a lot calmer. Maybe because I've been through this process before. I know what I want. I know what I need. I know where I want to be. I'm not intimidated by cost or...
Post a Comment
Read more

Furniture Shopping

One of the things I love about New York is it’s accessibility to shops.  I love window shopping, especially for furniture. Yesterday my friend Dominique and I went shopping.  We looked around Pier 1 Imports but there were nothing really that stood out or grabbed our attention. Disappointed, we wondered around the mass of people on the overcrowded street until we stumbled upon a store called Restoration Hardware.  Neither of us had been there before, so we decided to have a look. First impression, this was definitely an upscale furniture store and nothing like down-market Pier 1 Imports.  The furniture  hankers  back to that old Hollywood style that appealed to me. Dominique on the other hand hated it. She felt it was too over the top.  We both agreed though that the look was definitely not for apartment dwellers. The furniture was large and  over-sized.   Personally I liked the upholstered headboards, the dining chairs, But it ...
Post a Comment
Read more