So we're on the road to respectable...

So, we are buying a house. Spurred on by our search for a rental I found a property owner in Lincoln who is willing to sponsor new homeowners based on financial income and gut reaction. He holds the mortgage note, we hold the deed and can do what we want with it-sell, refinance, etc. Our taxes and insurance for the second year are rolled into the monthly payment, and the interest is higher than a "prime" first time loan, but I can knock that down when we refinance. Im thinking the speculation in housing will burst as the price of gas goes up, so interest should drop to spurr homebuying. In any case, refinancing is much easier when you already hold the house and have made payments.

Its got a huge back yard and a suitable front yard for light entertaining and a small flat bricked patio in front. 1 car attached garage, 3 1 bedroom and a full basement, finished and carpeted. There is 1 full bath and one .25 (toilet) downstairs that could be moved across the basement and built into a real bathroom. The basement walks out into the back yard...I can't wait for the nudging reminders that everyone else has had Christmas and Thanksgiving all these years......*lol*

We are too thrilled to speak and we go to look over the purchase agreement tomorrow, set interest rates, payments, etc. We already know, but it will be on paper now. Pretty scary-Betsie bought a house last month thorough NIFA and whatnot and a bank. While her banker was a ditz, the realtor types were okay-and her credit/debt load/student loans are less then ours together. We didnt have to pay points and commissions, and once you subtract for the insurance and taxes escrowed from our monthly payment we are right about on par with where we should be for a monthly mortgage payment. I want to terrace the back yard and Id love to build a theater in part of the basement perhaps ( or upstairs ). Kol has ideas for colors. Trevellian wants a dog, and my daughters already know they want purple *shudder* in their rooms. How cool is that...almost 30 and im pushing respectability. Ive already got the minvan, too.