Wednesday, August 08, 2007

money matters, or biting the bullet...

Well, I’ve done it. Met with the mortgage broker and discussed the terms of the loan and...*gulp* said OK, lock it in (meaning lock in the rate sheet)...next he’ll prepare the paperwork, and then we’ll meet and I’ll sign...scary, scary stuff to me. I’ll take sitting in a room and doing a psych eval with a 250 lb guy hearing voices over discussing financial stuff...points...yada yada yada...amortization...yada yada yada...rate trends...yada yada yada...any day of the week.

It’s high time I did this and yet...it’s a daunting process. I am so much a duck out of water when it comes to money. Kath recommended the broker, and I have to say, I had misgivings, although no moreso than if she’d recommended a witch doctor. Moneyspeak is as much a foreign tongue to me as anything a witch doctor might utter. I’d agreed to meet the broker, Chris, at Starbuck’s, and I was there 20 minutes early, having done my homework, meaning: I’d read the article on mortgage brokers in the latest issue of Money magazine over and over; I’d gone to the Federal Reserve website to see what they had to say about refinancing; and I’d called a couple of other mortgage brokers (very similar to real estate agents in terms of personality)...all of which left me with the same sort of feeling I had back in college, when I cracked the trig book a couple of days before the semester began to see what I’d be learning, only to think...HUH?!?!? HUH!?!?!? HUH?!?!?! What have I gotten myself into here?!?!?!?!

to be continued...

7 comments:

Cynthia said...

I hope it went well. Mortgage brokers aren't all bad. I promise.

emmapeelDallas said...

Thanks! Actually, he turned out to be great, and I'm grateful to Kath for recommending him. He took the time to answer all my questions, and no pressure, except that he did urge me to lock in the rate, which I've done. So yes, it went surprisingly well, to my great relief...

:)

TJ said...

It is big...and usually big money so I can see the caution here.
We was getting a morgage once at the same time as our oldest son. A really great rate! He got his and we was denied. It seemed that we had ( THE OLDEST SON HAD ) a expensive motorcycle repoed while in the service. WE forgot that it was in our name...we can laugh now about it...
it just took a bit of extra paper work and we was all happy.
Best of luck...
TJ

Chris said...

Better you than me...oh? did I say that outloud? I meant, Good for you!

Jan said...

What a big step. Good for you. I've never done anything like that on my own either, and am glad you could and did.

Tammy said...

We will be doing this too due to rising interest rates. I'm glad you found a good one. :) XXOO

Lisa :-] said...

Money. Can't live with it, can't shoot it.

Huh?