Home buying process

Our old home closed the other day. We owed 67 to 68 T on it and sold it for 120 T. After everything was finished we were wired 45 T into our joint account and everything is said and done.

I took about 85 percent of that money and put it in a savings account in my name only. I took about 10 percent and put in my checking account to cover the household bills since I will not have a paycheck until October 5th. My husband has some in his account.

I paid September and October's rent. 1500 a month. Done. I paid every bill that I had sitting in my shoe box (sound weird I put the bills in an old shoe box and keep it on the shelf in the dining room). Every Bill Is Paid. I have more than enough money in my checking account to cover the bills for September and part of October as long as I am careful.

I went to the grocery store this morning and spent 145 dollars. I live Aldi.

I paid 2,000 dollars on my sister's mortgage. She is in the process of a loan modification. I don't know any more details than that. I told her that I would help her once the house closed and I did my part. She was very thankful. I did tell her that I wouldn't be able to do much more.

I went to speak to the building company about the homes we toured on Thursday night. The model home that we toured was sold and set to close this weekend. It was a very beautiful single level family home. 4 bedrooms, 2 bathrooms, 1800 sq feet, comes with stove, fridge, and dishwasher. Everything is electric (which is what we are used too). The ceilings are just regular, where as the rental home we have vaulted ceilings.

We are paying 1500 in rent for this home. We thought that we would be long term renters for a while after our house closed. We found that while renting in the short term is OK, we would really like to have a home of our own instead of paying someone elses's mortgage.

I gave the building company a good faith payment Friday afternoon. I have a realtor that is helping us through this process. The mortgage loan will be in my name only as my credit score is 720 and much better than my husband's. Our rent is 1500 and the mortgage would be about 1200-1250 a month which is a bit more easier to the budget.

We are putting 10 percent down on the purchase price of 205,900. I have been approved and qualified for the mortgage loan at 4 percent interest. I have a credit score of 739, 711, and 731 at the three credit bureaus. I am going to meet with the lender tomorrow at noon to go over the required documents that I have to give them. I have all these documents in a folder next to the lap top for tomorrow.

The rest of the money from the house is going to stay in my savings account for an emergency fund. There will be 13,000 in it after paying the 10 percent and closing costs. The insurance and taxes (oh goodness the taxes on the newly built home) will be put in an escrow account.

The home will be completed in November or December of this year. I will have to increase my savings. I am still waiting for my old job to pay my PTO cash out. I am hoping it will be here on Thursday in my bank account. It will be put right into my savings account (which I have access to online).