WE GOT PREAPPROVED! I can finally sleep! In hindsight, I don’t know why I wasted so many weeks begging for a loan from BofA. I hear all these nice things about credit unions and how they are “for the people”, and I never truly believe it, but you know, I see the light now.
Now because I actually only have…oh about 3 months of work history out of the 2 years that they normally require, they can only approve me on an FHA loan (big step up from BofA that won’t even look at my income), so I will have to pay FHA mortgage insurance for the first 5 years. We do have the option to finance the place as a rental property too, which isn’t a huge jump (seriously? +1%?) in APR like BofA. The sad thing is, even WITH the mortgage insurance, the BECU loan is less per month than what BofA offered me. So if I didn’t jump that ship, I would be stuck with paying a lot more every single month for 30 years and not be able to write off my loan come tax day.
The thought of a loan with mortgage insurance left a bitter taste in my mouth initially, especially with close to 30% down, it’s like having someone tell you seem trustworthy enough, but you notice they never turn their backs to you, and one eye is eerily open when they sleep. However, after sitting down and crunching numbers, it actually works out to be a better deal in the long run because the APR is much lower. It’s cheaper than even the awesome deal BofA was initially offering us. So, here’s to hoping I’ll get to move into my new place soon. It’s supposed to close within 45 days. Counting down!
Soon, I will have an entire wall with floor to ceiling glass! Being the ex-candy raver that I am, I told the boyfriend we should have nightly naked shadow dance performance in front of our windows. Of course, being in the gay neighborhood and all, I will be promptly boo’d off the stage and he will get all the encores. We promise it will be an eyesore, we are both Asians for starters and have the flexibility of model plane balsa wood, the kind that’s soft and bends a little, but you know it would snap if you bend it any more. Asians are about as known for their dancing skills as their driving skills. We might get booted shortly after we move in.
Here’s a video of actually good shadow dancing: http://www.youtube.com/watch?v=_DHk4jlUdnk