Thursday, March 3, 2011

home sweet home...

After three months of working with couple of lenders ( & Fremont Bank), we finally got our loan for a house in Pacheco that we made an offer to last November. Since we're trying to start a family, we figured it might be worth it to live closer to my folks despite of the longer work commute (and rising cost of gas). Also, it was a great investment with a low $/sqft and the house is very lovely and spacious. The previous owners really took pride of their ownership. Even the home inspector can't help but admire the additions and works they have done to the house. The garage is basically the only project that we've had to take care of at this point.

Getting the loan was an exhausting process. I had a hard time qualifying with my brother because I already own a house and my income is not high enough to cover two mortgages. Since I just recently started renting out my place in Hilltop, I don't have the income stated on my tax forms yet. It was hard to show to them that the rents pretty much covered the mortgage and expenses at that house. Fortunately, my uncle, who is also my real estate broker, helped me negotiate the terms of the loan and process the paperwork. I had to put down a huge down payment but at the end, I'm happy with our low, fixed rate (4.75% for 30 yrs) and from the commission I received from the sale. I love my uncle. He has always been there for me - as a mentor, a friend, and the sweetest and funniest uncle one can ever have. He has such an adorable family, too.

We've started packing and moving our things. Fortunately, after consolidating our stuff, we have enough furniture that we just have to find couple of used ones from Craiglist to furnish the rest of the house.

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