Just a quick update this morning -
We are now permitted to spend the funds we had been required (by our bank) to allocate to closing costs. While Jordan and I knew that our closing costs would only be beer/pizza/uhaul rental (so max $500) we were required to have 1.5% of the value of the mortgage available for closing costs.
Jordan and I have moved some money into our emergency fund, Christmas fund, and new home furniture fund as well as made a large credit card payment.
yay!
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Thanks so much!!
ReplyDeleteClosing costs are normally legal fees, title transfer, agent commission etc - was that not included in your "closing costs" with the builder?
ReplyDeletejoanne
@ Anon - yes, you're right - normally closing costs consist of the things that you mentioned. Jordan and I built new and our builder assumed all of those costs :D That's why our only expense was the truck rental, pizza and beer.
ReplyDeleteHey Jessie -
ReplyDeleteDO you have actual mutiple savings and bank accounts for each of your funds? We are just starting a renovation budget/savings and aren't sure how to go about it. Right now All we have is a joint chequing acct (for mortgage) and we each have individual bank accounts and 1 savings accounts each that we use as our emergency funds accounts. Just wondered what you would recommend.
Thanks!
@ beingirene - we use ING (so just the one bank) and then we have several accounts with them to keep everything seperate
ReplyDelete