6/17/2011

Final Deposit Payment

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).

Related Posts:

  • Updated: The Big Backyard Project The first deposit has been paid ($750 for the fence, and the work has begun!  Jordan and I are both working  so we can't see the work being done, but our lovely neighbor is taking photo's for us and shari… Read More
  • Mortgage PaymentsIt's so so sooo tempting to increase our mortgage payments - but with the loan sitting at 3.39% and our Escape at 6.90% - it's hard to justify that over the Escape.  But now that we've changed our payment scheduled to ac… Read More
  • Home Value is Up!I didn't show it in my Networth post yesterday - but Jordan and I have more good news on our overall net worth.  Last year we connected with a real estate agent and found that on the market our home was worth $377,000 - … Read More
  • The Big Backyard Project is Done!! Check it out! The final piece to the project is done! … Read More
  • Our Homes Updated ValueI have been waiting to write this post for a long time.  This is the post where I get to tell you that our homes value has dramatically increased since we bought it in December, 2011. Up until this point, I have been us… Read More

2 comments:

  1. 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 :)

    ReplyDelete

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