Appraisal is IN.. $510k. This means I will need to pay approx $13k to close the loan.. with $5100 of that being 'starter escrow funds' so this is money will get back on the next loan or house sale since full escrow is being taken every month too
The new payment is $1111 LESS than what I pay now with the mortgage (and self escrow for taxes and insurance)
I will make up the true costs of the loan in 8 months and the full $13k in 12 months with the rest just being savings. I think it is a good deal and I am locked in for 5 years and it is an arm. In 5 years I can get a normal loan. Rate now is 6.125.
Feeling good. Closing to be set very soon.
However this eats up my ENTIRE emergency fund (need to rebuild that). I am owed $6k from that guy (his bike will sell at some point and he calls every week).. and I have the Tahoe to sell. $23k? maybe I will have money left after paying off the genesis. and have a few more things to sell.. $1000? and once things STABILIZE (w the homes) I can save $1500 a month
Got quotes on the vacant house fix up thru the new property manager.. $2500.. much less than the last fiasco.. I feel good w that.. done by next weekend and then rerent ASAP. I need rent!!
Short term insurance lady moves in tomorrow.
And i need to do that French drain system to ensure that both homes are water free.. $3-5k. dependent on how involved I need.. worth it.
JOBS.. getting more and more calls on jobs. got another interview tomorrow for an AWESOME job in Oakbrook.. 2 year contract, $65/hr and 401k with match in 3 months. FINGERS CROSSED.
No news on first interview.
Onward. This appraisal coming through is a BIG weight off my mind. Can not wait to get the closing date.. hoping for next week.
Appraisal # is good!! 6 homes updates, and jobs updates