Thursday, December 11, 2008

Of highs and lows...

Wow. We've been riding a rollercoaster of emotions the past week.

The excitement of finding the house, getting our offer accepting and making future plans, tempered with the knock-back we got on Wednesday. It seems the mortgage lender's insurer doesnt like Fruitbowl, or any of the suburbs we could afford due to people defaulting in that area. (Um, thats why we could afford a house there!).

Plan B - The race around to try and find another lender as the contracts are already at the exchangers - and we really want the house. Our broker thought that a bank would be OK with Fruitbowl as they have an in-house insurer and go more on whether you can afford the loan than what area.

Finally, making a Plan C. Asking my parents for help to make up at 20% deposit (thats over $70,000 - we already had most of it) so we dont need the insurance.

Spoke to the broker again today, so if the Bank does say no we can go back to our first choice of lender and they will finance us with the 20%.

So the house is a definate (as long as the contracts have finally been exchanged!)

2 comments:

kathyeffing said...

Good luck! Buying a house is exciting and stressful - I hope you're having more of the former and less of the latter. :)

Kris said...

Holy crap. That *is* a rollercoaster! Hang in there. It's stressful, but it'll work out for the best. The mortgage insurance thing is a bitch though. We basically went with a variation of your option C. Our lender was okay with us using another piece of property as like collateral so we didn't need the insurance. (Rodd's parents had a little piece of land we were able to use.) It just sucks to see the end in sight and have another hurdle pop up, I know.