It ain't real until you sign the paperwork!

Well hell,  another snag...

The thing about going through a mortgage company - even though they may underwrite the loan themselves, they will still (generaly)  go to another company to actually provide  the funds. That is what happened to us - we were approved for financing from one source at 5%. However, that source is in danger of failing, so, as a backup, our man at the mortgage company went to another source to secure funding in the event that the first one failed.  Thing is - that second company approved us at 5.5%, and they are requiring us to bump the dwelling coverage amount on our insurance policy. So, not only do we get to pay about $10 / month more for our insurance, we also get to pay $100 / month more for our mortgage payment as well, which, this being Seattle and all, is pretty substantial.

Everyone is working to make it so that in the case of our having to go with the second company (there is still hope that the first will pull through), enough money will be available so as to pay down the percentage points of our loan, from 5.5% to 5.25%.  Just shaving off that extra quarter of a percent will save us $50 / month in loan payments.  What really sucks, though, is that we may not be able to move into the place on our original date - and you know how much planning goes into that!

All this is why I always say - It ain't real until you sign the paperwork!