Before I begin, let me just say that it's 8:11pm and Otto is laying in his bed happily singing his ABCs. And I'm happily listening, since I get to lay in my bed too.
Ok, down to business. Borrowing money sucks! We are at the total mercy of the bank. Just when I thought we were done with the hard part and we could just coast until the closing, I was rudely interrupted from my dream-like state. This afternoon while I was at work, my mortgage lender called, and we happily chatted about childbirth. I thought she was going to tell me that we finally got the "clear to close" status from the Underwriter and that we were ready to enter the final processing period. But alas, she did not. It turns out the bank did a whole lot of lay-offs last week, and now the bank is understaffed and all of the closings are running a week behind schedule. UGH.
Because we're doing an FHA loan, we are supposed to close on the last day of the month (hence our intended September 30 closing day), and if the closing gets pushed even one day into the next month, we're responsible for the interest due for the whole month. I have no clue what it all means and why, but that's what I've learned. So in the case of this delayed closing, the bank is going to pay our increased interest expense (which will actually push the date of our first mortgage payment off from November 1st to December 1st, the one silver lining of this situation).
The not awesome part is that we now have to figure out where to live/what to do in the interim week. The agent is going to see if the Seller will allow for an Early Occupancy Agreement, in which we would essentially rent the new house from the Sellers (and paid for by the bank) during the interim week until the new closing date. That way, we'd still get to move on September 30 as planned. I'm stalking my email account waiting for an answer on this. I'm really depending on the early occupancy plan to work since we already have the moving truck, the movers and the movers all booked and ready to go.
So, the moral of the story is: the drama never ends in the homebuying process! Don't rest too pretty on your laurels until the key is in your hand. Not that I even have the insight to know about that last part. I've never actually had a key in my hand to a house I've owned. But I assume a lot of the drama ends there. At least I hope so.
