Sunday, June 17, 2012

58 days. but who's counting?

Last Friday, June 15th, was exactly 60 days before settlement, the first day we could apply for a mortgage.  So all the paperwork is in; now we wait for the particulars- title insurance, appraisal, will we need flood insurance with the new flood maps, etc.
I am amazed at the rates today.  When we bought our current home in 1983 we were thrilled to get owner financing at 10%.  Bank rates were above 15%.  One reason we are buying now is because of the low interest rates.  In years past it seemed as if interest rates went up when home prices went down and vice versa.  You could get a fabulous price on a house but rates on mortgages were up and when the rates came down the price of homes went up.  Then the influx from New Jersey to eastern Pennsylvania began, in tandem with the housing bubble, and prices around here began to sky rocket.  Luckily we owned a home so we were able to ride up and down with the change in property values.  While our home may have been worth more a few years ago we would have had to pay more for our new place.
The people who really have it bad are the ones who bought at the height of the market and now owe more than their home is worth.  There are probably too many people in this country in that boat.  We are lucky to have a tiny balance remaining on a home equity loan and no mortgage.
So packing continues (who knew we had sooooo many books!)  My living room is filled with boxes, empty and full, waiting for the next step.  We will have a yard sale, donate a bunch, and plan to sell a lot (hopefully) of reenacting stuff and history books at the next event we attend.

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