Our house in VA is officially under a ratified contract and off the market. The expected closing date is October 1. *fingers crossed* that we make it to closing on time!
We’re going in to sign the paperwork to start our new construction on Saturday – putting 8k into escrow, with a ballpark final price of 362k. That’ll put our estimated mortgage (with taxes and insurance) payment at as low as 1800/mth , and as high as 2100/mth, depending on the interest rates available when we close and how many points we can pay. One local lender is offering 3.25% right now for 2 points, but if we go with them, we’ll lose out on a 35k builder incentive credit. We have to go with the builder’s lender to save that – already figured into the 362k amount. Their rates aren’t bad, but I don’t know what options we have for paying points to reduce our total payment.
I ran a few numbers, and paying points up front will lower our payment more than putting more down. We’re going to put 20% down, whatever the final cost is, and save the rest for either paying points or paying for appliances that aren’t included (fridge and washer/dryer). Anything else will go towards paying the movers and replenishing our emergency fund.
Congratulations on your house being under contract!!!!
Thanks for stopping by, and thanks for your well wishes!
Fingers crossed that inspections and the buyer’s appraisals go well!
The inspection was Friday, the appraisal was today. There’s another two houses in our neighborhood that just sold for way more than ours did, and the only difference between them is granite in the kitchen (which ours doesn’t have). So, I’m pretty optimistic about the appraisal. We haven’t heard anything on the inspection, and they have until 9pm on Wednesday to get back to us. I’m kinda hoping that their Realtor forgets that and the contingency drops off the contract.
Best of luck with the sale and with the upcoming build!
Thanks! We’re just hoping it goes to closing at this point!