Today is the day that our new home builder Sable, will deposit the last of our 5% down payment for our new home purchase. We were given the option when we purchased our new home to pay the 5% upfront or to break it into four payments. After a quick conversation we decided that more control over our money for a longer period of time was a wiser choice!
Here is how the breakdown worked:
The 1.5% we have to have available for closing is a requirement by our Mortgage Lender (ING) - While I understand why we have to have it available, the circumstances around buying a new home from a builder result in this being a bit moot. There will be no closing costs, no lawyer fees, no utility transfer fees, no land transfer taxes...you get the idea.
There will also be no significant cost to moving as Jordan and I intend on moving ourselves and he will get a discount on a rental truck. We estimate it will cost us $250 in pizza, beer and gas to move.
If we actually take possession in November this money will serve as some christmas money, get us set on our emergency fund and help pay down any left over wedding bills (of which hopefully there will be none).
Looking good. You always have an aura of having everything under control and you do love your spreadsheets. I love to see them as well :)
ReplyDeleteWay to go!
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