Friday, February 16, 2007

We need a new Mortgage

My blog mentions in several places that we are in the process of selling our home in Clinton, Utah, and buying a new one in Apache Junction, Arizona.

Our home was under contract before we purchased the one here, but the offer fell through, as they say. (Some of the things we say look funny in print. My offer fell through what, the table, my lap, Well, you get the idea.)

Anyway, we got a second offer from the same party, and a month later that one fell through.

(Oh, there I go again.) We had gotten ourselves into real trouble with the seller because she had extended as far as she was going to. She said, "close, or get out." Scary words!

We applied with the present mortgage company to assume the loan, and pay her the rest of the balance in cash. They approved us but then told her she would have to stay liable for the loan because we hadn't made enough payments. That didn't fly! (Oh, I think I did it again.)

Next, we starting checking into Home Equity Loans. We applied with a company, and were treated well, but we're so happy when an hour later we got a call from our Realtor that we had a third offer from the same party.

Things are looking up! We will be able to close the home in Clinton and pay cash for the home in Apache Junction.

When our home closes in Clinton, we will be buying a condo in Ogden to live in during the summer months. We will apply for a mortgage on the condo in May.

We've had only good experiences in the past with new mortgages and re-finance loans, and don't expect any problems.