This post was supposed to be entitled "House 101" -- however prodding and complaining from a certain Sir Walter Raleigh has left us no other choose!
OK --- YES! We are in the hopeful process of buying our first home. So far we are learning the new lingo -- we now know the meaning of terms like PMI, points, escrow accounts, earnest money, and closing. And for anyone who's got a sense of humor about that here are our personal definitions:
PMI - pre-mortgage insecurity -- the fear of not being able to pay the mortgage after closing. (actually - Personal Mortgage Insurance -- actually this is the bank's way of panicing about us not being about to pay your mortgage after closing!)
Points -- what happens to your blood pressure when thinking of purchasing a house.
Escrow accounts -- the place your earnest money sits while you worry about the home inspection.
Earnest money -- a big check you right before you even know if the house is structurally sound.
Closing - The thing that has to happen before they'll give you the keys to your dream house and let you worry about the next thing that falls apart!
Ok -- in all seriousness.. we are actually very much at peace about this whole thing. We felt good about it from the start. It's definitely our dream house and after nearly two years of looking we were very pleasantly surprised to imagine ourselves actually finding our dream house at this round of home buying. Everything else we've looked at has been 30 years older and, to be honest, uglier. As we walked through this, we were ready to buy it within minutes and Thom was still in shock we could even find or consider something like this for a good hour after we got home.
Well, tomorrow we should find out what the seller thinks of our requests from our inspection (more words we barely understood a short time ago!)
We PROMISE we'll keep YOU "posted!"
For anyone who's interested, we have house pictures in our Flickr account. Just click on the mosaic photo widget on the left.
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3 comments:
Hey guys!
Sounds like fun! What part of the Nashville area is the house in?
Matt
Hi Matt!
The house is in Hendersonville, only about half a mile from where we live now. This means Kara doesn't have to change schools which is a huge blessing. It's in a much nicer neighborhood than we thought we could afford because the seller was really motivated and the interest rates were perfect.
Ya'll thinking about moving to Nashville??? We would love that!!!!!
Could be, but it's really much too early to get excited about anything. We have, however, been looking at the map and wondering where we would live if we ended up there. In general, we like the idea of Nashville. And of course, reconnecting with you guys would be a lot of fun. Maybe Tom could even begin to school me on some philosophy (I'm so lost in this arena).
Anyway, the house we are in now was our first home purchase (though far from a dream home). So we can both feel your pain and rejoice with you in the process. I'm glad to hear it is going well so far.
We'll keep you up to date in the coming weeks and months regarding our landing place.
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